Strong overall performance; broadly in line with estimates Havells reported robust 1QFY19 results with strong growth across product categories coupled with margin expansion. While Havells (ex-Lloyd) revenue/EBITDA grew 22% YoY (like-to-like)/37% YoY, Lloyd reported 14% like-to-like sales growth (vs. 10% FY19 guidance). We continue to believe in Havells' endeavours to expand its distribution (including B2B/Enterprise scale up) and product portfolio; also, brand building (spent INR 1.2bn in 1QFY19; +57% YoY) would go a long way in improving its growth trajectory as macros...