Thus, we expect value growth in the Lighting segment to follow volume growth while margins should be on an uptrend 2QFY21 onwards (full quarter impact expected to reflect in 3QFY21 only). been under stress for the past two years now owing to price erosion at the industry level. Thus, despite the double-digit volume growth, Lighting revenues have dropped by 5% CAGR over FY18-20. Thus, though the Lighting segment formed 25% of Cromptons turnover in FY20, the segmental PBIT contribution was limited to just 9%. Cromptons ECD segment has been performing well with double-digit growth for eight consecutive quarters prior to the COVID-19 outbreak in Mar20. The margin performance is commendable and is the best in the industry. Since Cromptons categories have higher replacement demand, we see higher probability of steady performance in the coming quarters and in FY22E (v/s negative impact for peers from weak consumer demand).