Havells' Q4FY19 topline growth at ~9% YoY (I-direct estimate: 15%) was largely impacted by liquidity crunch, extended winters and impending general elections. Lloyd business revenue declined ~9% YoY to | 532 crore while lighting and ECD business growth were subdued at 7% and 9%, respectively. Lower demand coupled with intense competition has restricted the company from passing on inflationary pressure, resulting in a slight contraction in gross margin. Also, higher fixed cost dented EBITDA margin (down ~240 bps) higher than our estimate. Though the management guided...