We value based on 36x P/E on Jun-20EPS and arrive at a TP of Rs 680. We maintain BUY. Havells posted yet another solid quarter with beat on Lloyd business. Overall performance was in-line with our estimates (above street consensus). Core business grew by robust 22% on a like-like basis (exp. 19%), while Lloyd surprised positively during an erratic summer with 14% like-like revenue growth (exp. 2%). Havells EBITDA/APAT grew by 81/73% (exp. of 72/73%).