We reiterate BUY with a TP of Rs 252, based on 35x Jun-19 EPS. Cromptons net revenue contracted by 3.7% to Rs 10.5bn in 1QFY18, against our expectation of 2% growth. Adj. EBITDA and APAT were down by 11% and 7% respectively. As per mgt, channel destocking impacted revenues worth Rs 1.3 to 1.5bn in 1QFY18. Adjusting for the same, revenue growth was at 7-8%, suggesting healthy underlying demand. The ECD segment (75% of revenues) saw 8.6% decline in revenues, owing to high dependence on the wholesale channel. While, Crompton gained ~1% market share in Fans (especially premium) during the last six -months. Premium fans (16% of fans) grew by a strong 25%.