The CD division revenue growth at ~9% YoY was largely impacted by slower demand in Q2FY20. While the fan business increased 22% YoY, the appliances, lighting and Morphy Richards business grew albeit at a low pace of ~7%, ~2% and 2.2%, respectively. We believe the CD business is likely to grow at a CAGR of ~13% in FY19-21E led by dealer addition and market share gain in some of the leading categories like fan and water heater segments, going forward. On the EPC front, while illumination and lighting revenue grew ~11% YoY, the transmission line tower and power...