We value based on 36x P/E on Mar-20EPS and arrive at a TP of Rs 656. We maintain BUY. Havells core business grew remarkably well with revenue/EBITDA growth of 18/24% YoY. While, Lloyd disappointed with flat revenue growth (11% in FY18) in its seasonal quarter. However, Lloyds EBITDAM of 12.4/8% in 4Q/FY18 vs. ~6% in FY17 was encouraging.