Continuously entering new categories to drive growth: Havells India (HAVL) has consistently identified and entered new product categories over the years (see Exhibit 1). Some of the key categories where it has made a successful entry include lighting in 2003, premium fans in 2005, water heaters in 2010, REO Switches in 2012, air coolers in 2014, re-launch of the Standard brand in 2016 (target of INR10b by FY20) and EHV cables. The recent acquisition of Lloyd gives HAVL a strong foothold in the fast growing durables segment the aim is to double revenue in the next three years through new product launches, expansion of...