Crompton Concall re-affirmed our positive stance with resilient underlying demand, steady build-up in activity levels post lockdown (90% levels in June backed by secondary sales data), strong sales trend in Appliances (Geysers and Mixer Grinders) and improving balance sheet (Net cash at Rs4.5bn v/s Rs2.37bn in March20). Although Crompton has implemented an additional cost saving program (in addition to Project Unnati), near term localized lockdowns remain a near term threat to recovery. However, to drive long term...