However, Lower EBITDA margin was on mainly due to 1) muted performance of Lloyd business on account of adverse season, trade inventory & forex headwinds 2) delay in passing on higher RM prices in cable segment. ECD business (excluding Lloyd) recorded a strong growth of 42% YoY driven by new launches and fan segment. Switchgear, cable and lighting business (excluding EESL) have witnessed demand traction from government & residential projects. Havells' has not been participating EESL's low margin business as a...