DART view: In line quarter; ECD grew strongly: Maintain Buy The Q1FY19 results were in line with our estimates. The ECD growth was strong, with seasonal impetus for fans and pumps. However, price erosion continued in the B2B lighting, falling 5-7% YoY. Although Crompton, is trying to offset it with premium products in B2C. Lighting margins contracted 631bps QoQ, on account of higher A&P; spend and accounting provisions, while EBIT margins for ECD expanded, due to better product mix. We maintain our Sales/EBITDA/PAT in FY20E, and expect the company...