We reiterate BUY with a TP of Rs 290, based on 35x Dec-19 EPS. Crompton disappointed on revenue growth while EBITDA margin was inline. Net revenue grew by 6.7% to Rs 9.4bn while like-to-like revenue growth was at 12% (expectation was 15%). The good: lighting growth was at 23%, the bad: ECD segment posted only 7% growth and the ugly: geysers reported volume decline in a seasonally strong quarter! Crompton gained retail market share in Fans and LED lamps. Focus on premiumisation aided in posting >25% growth in premium fans and 57% in LED lamps. Premium fan contributes ~20% in total fans vs. 7% in FY15. Within 2 years of pursuing the LED business, it now contributes >70% of lighting business which is a remarkable achievement.