Lost sales on account of COVID-19 were higher than expected at INR8b (or 25% of 4QFY20), resulting in 13%/16% miss in revenue/adj. We have cut our FY21E/F22E earnings by 30%/13% as we have factored in (a) the likely lost sales in 1QFY21 as well as the weak primary sales in the UCP segment for FY21 until inventory normalizes, and (b) the weak industrial activity related sales in cables and wires and the switchgear segment. The company lost 25% sales due to the Excluding the COVID-19 crisis, 4QFY20 could have seen growth of 9% YoY. Industrial sales make up 20-22% of HAVLs revenue, the rest is consumer We have cut our FY21E/F22E earnings by 30%/13% as we have factored in (a) the likely lost sales in 1QFY21 as well as the weak primary sales in the UCP segment for FY21 until inventory normalizes, and (b) the weak industrial activity related sales in cables and wires and the switchgear segment.