ICICI Securities Ltd | Retail Equity Research Havells' record sales growth of 4% YoY (22% YoY growth including Lloyd) in Q2FY18 was led by strong 21% revenue growth in the lighting & fixture segment. However, transition to GST regime that led to a decline in primary offtake starting May 2017, continued its impact on electrical consumer durable (ECD) (mainly due to higher GST rate). However, despite weak season Lloyd's business grew ~11% YoY in Q2. On the other hand, sluggishness in construction...