Crompton Greaves Consumer Electricals (CGCEL) has delivered a decent performance in 4QFY17. Its net sales grew by 7.4% YoY to Rs10.7bn matching our expectation of Rs10.7bn. Led by betterthan-expected expansion in operating margin, its EBITDA and adjusted net profit grew by 9% YoY and 29.8% YoY to Rs1386mn and Rs864mn, respectively. Apart from expansion in margin, higher other income (Rs160mn in 4QFY17 vs. Rs69mn in 4QFY16) aided earnings growth. Looking ahead, we believe that the expected strong double-digit growth in light electrical industry augurs well for CGCEL. Rolling over our estimates to FY19E, we maintain our HOLD recommendation...