Initial recovery in demand to be pull based rather than push based. We cut HAVL's FY21/FY22 EPS by 13% and 7% given Covid-19 led disruption in demand especially in summer season products (Room AC, Air coolers) and longer recovery cycle in industrial products (industrial cables & switchgears, professional luminaries). We expect demand for HAVL's consumer portfolio to bounce back faster led by ECD segment, however B2B segments will remain a near term drag. Slump in switchgears and cables is likely to get...