A weak summer coupled with pre-buying activity in Q3FY18 (inventory build-up at the dealer's level prior to a change in energy norms) led flattish sales growth of unitary cooling product (UCP) on a YoY basis in Q4FY18. On the other hand, EMPS segment revenue growth of ~5% YoY was on the back of a pick-up in execution of domestic and international orders. Though Voltas continues to be the market leader in the room air conditioner segment, we believe rising competition restricted its market share gain at ~22% in FY18....