A Strong Show; Sustained Cost Reduction Efforts Aid Profitability Crompton Greaves Consumer Electricals (CGCEL) continued to report a strong performance in 3QFY18 led by higher volume in Lighting and Consumer Electrical segments. Its reported revenue grew by 3.7% YoY to Rs9.3bn, while adjusted revenue considering the impact of Excise Duty grew by 12.2% YoY. Its reported PAT grew by 27.9% YoY to Rs0.69bn, while adjusted for incremental non-cash ESOP charge of Rs55mn, its PAT surged by 33% YoY in line with our estimate. We continue to believe that the expected strong double-digit growth in light electrical industry augurs well for CGCEL. Rolling over our estimates to FY20E and valuing CGCEL at...