Havells India Ltd (HAVL) is a leading player in electrical consumer goods in India. Its key verticals include switchgears, cables & wires, lighting fixtures and consumer appliances. Revenue grew by modest 2% YoY, which was below expectation. EBITDA margins declined by 150bps on account of weak product mix, margin erosion in Lloyd business and higher cost. But supported by tax cut PAT growth was flat YoY. Demand situation continues to be weak on account of tight liquidity scenario and slowdown in real estate business....