We reiterate BUY with a TP of Rs 268, based on 35x Sep-19 EPS. Cromptons net revenue grew 9.8% to Rs 9.6bn. Like-to-like revenue growth was at 15.9%, and our expectation was 9.3%. Adj. EBITDA (Ex-ESOP) and APAT was up 33% and 39%, respectively. Restocking was partial during 2Q, as recovery was slow for seasonal products. However, even in this challenging phase, Crompton gained market share in Fans and LED lamps (B2C). Fans gained a sharp 3 to 4% market share, primarily in the premium segment. Premium Fans contribute 18% to Cromptons Fans business.