BEL's CD business recorded revenue growth of ~15%, 23% in Q4FY19, FY19, respectively, due to low base and increased reach post completion of RREP. This is largely driven by strong performance in the appliances category that grew ~22%, 30% YoY in Q4FY19, FY19, respectively, followed by the fan business, which grew 19%, 26% YoY, respectively. We model CD segment revenue CAGR of 17% in FY19-21E vs. management guidance of ~24%. However, EPC segment revenue growth at 7%, 58% YoY in Q4FY19, FY19, respectively, was due to execution of large ECP project in UP. The EPC...