ICICI Securities Ltd | Retail Equity Research Despite de-stocking at the dealer's level, Havells managed to record sales growth of 9% YoY (27% YoY growth including Lloyd) in Q1FY18 led by strong revenue growth of 19% in the cable segment. Additionally, lighting segment revenue was up 5% YoY owing to execution of EESL orders. However, primary sales of the switchgear segment remained muted owing to lower demand from dealers. Lloyd's consumer business recorded sales growth of 20% YoY...