Havells' muted topline growth at 4% YoY in Q1FY20 was below our estimate mainly due to Lloyd division, which surprised us with revenue de-growth of 8% YoY in the strong season for air conditioners. In addition, the poor demand for switchgear and cable business is largely due to prevailing weakness in the real estate industry and delay in government projects post elections. On the margin front, decline in EBITDA margin by ~200 bps YoY was largely on account of higher employee cost and advertisement expenditure incurred in the Lloyd business. Though the management...