4QFY20 Preview: Appliances cos have seen strong growth in Jan-Feb (particularly for RAC) in anticipation of supply constraints from China in peak season. However, Covid-19 led lockdown has resulted in revenue loss for the last 10-12 days of March. Generally, March is important for channel filling for summer driven appliances. Thereby, it has higher weightage for the quarter. Covid-19 has taken away the advantage of healthy pre-buying by the distributors. Our coverage universe is expected to post 6/9% revenue/EBITDA decline in 4QFY20 (+13/-6% in 4QFY19, -2/-1% in 3QFY20). Covid-19 impact on cooling products: We believe Covid-19 will have massive impact on cooling appliances (RAC, Air Cooler, Fan, Stabilizer) for summer-2020. Lockdown being in the peak season has already impacted channel filling opportunity in March along with consumer demand in the last 15-20 days. Summer started late this year (by 10-15 days) but extension of lockdown will have significant impact on the demand. Transportation, installation and financing will be key challenges even after govt. opens the lockdown gradually. Thereby, we foresee bleak outlook for cooling products for summer-2020