Core business (ex-Lloyd) growth muted on weak demand and low level of restocking: Core business revenue grew at a muted 4% YoY to INR15.1b (+6.7% YoY, adj. for excise impact on exempted zones), below our estimate of INR15.8b, due to weak demand in construction and industrial segments and lower-than-expected restocking by retailers. Despite muted revenue growth, operating profit increased 17% YoY to INR2.4b and adjusted EBIDTA margin improved 180bp YoY to 15.8%, driven by price hikes taken in the cables & wires segment, low advertising spend and withdrawal of dealer...