We remain bullish on cooling appliances despite a weak season in 2018. Low penetration, rising temperatures, higher affordability, consumer financing and Govt's electrification drive remain key drivers for growth. With summer 2019 expected to end on a strong note, we expect a mean reversion in growth in FY20. Our top picks are Voltas, Symphony, Crompton and V-Guard. Growth for cooling products was muted in FY19 owing to erratic summer which impacted offtake. Weak volume growth, commodity headwinds and stiff competitive intensity led to margin pressure across the board. We continue to believe these headwinds will reverse in FY20. We expect 15-20% volume growth coupled with margin expansion for cooling appliances in FY20.