Our optimism on longevity of appliance sector is driven by (1) Rapid change in consumer affordability & preferences, (2) Rising share of branded products, (3) Multi-year growth opportunity (under penetrated), (4) Untapped rural market (rural electrification, rising rural focused strategy by leading companies) and (5) Scope of premiumisation. Appliances are more sensitive to GDP growth. Thereby, any improvement in the economy in 2020 will provide better prospects for the sector. We continue to like companies who are leaders in their respective categories and have ability to tap opportunity in other categories. In consumer appliances, we have BUY rating on Havells, Voltas, Crompton Consumer and Symphony. We did a roadshow with an industry veteran for consumer appliances. Key discussion was around (1) Robust performance of appliances in CY19, (2) Structural drivers of appliances, (3) Disruption from Chinese players and (4) Winning strategies.