A Mixed Bag of Results: Revenue of Havells has grown by 8.2% QoQ and 26.0% YoY respectively, but therewas a disappointment on the margins front which were down by 384bps QoQ and 409bps YoY. EBITDA degrew by 24.9% QoQ and 14.3% YoY. The EBITDA margins at 8.7% were impacted by destocking at dealer level due to GST implementation and reduction in sales of high margin non-cable business.