Revenue (excluding Lloyd revenue) grew by modest 9% YoY, PAT declined by 16% YoY on lower EBITDA margins due to GST led de-stocking. EBITDA margin declined by 360bps YoY to 10% due to delay in price hikes, higher advertisement and other expenses. Lloyd consumer business is expected bring sharp scalability to HAVL's consumer business. We have included Lloyd in our earnings estimates. Currently HAVL's has presence across entire consumer electric space. Given its strong earnings outlook, premium valuation is expected to continue....