We model 23% EPS CAGR over FY18-21E. At 35x Jun-20 EPS, our TP is at Rs 290. We reiterate BUY. Cromptons net revenue grew by 20% like-like to Rs 12,039mn (exp. 14%). EBITDA/APAT growth was robust at 29/30% driven by cost rationalization and premiumisation (exp. 32/35%). Cromptons ECD biz (~77% of revenues) bounced back with 23% growth on account of stabilizing distribution channel and favorable base (-9% in 1QFY18). Lighting (ex-EESL) was up by 15% (10% in 1QFY18).