We value based on 36x P/E on Dec-20EPS with TP of Rs 738 (earlier 713). Havells reported a stellar quarter with 28% revenue growth (est. 13%; 14% in 3QFY18) driven by festive season benefits (durables), govts electrification drive and acceleration in infra projects. EBITDAM was under pressure (2nd consecutive qtr) owing to volatile commodity prices (cost inflation has reversed now). ECD segment witnessed the highest crack in margins (-414bps) owing to focus on new launches and market share gains in festive season. EBITDA/APAT grew by 12/9% (exp. 13/14%).