Better operating leverage help drive EBITDA margin Havells has benefitted from improved plant utilisation of Lloyd (turned into profit from loss on a YoY basis). This along with control over various other operating costs (such as adv. & employee cost down by 220 & 180 bps YoY respectively) help drive EBITDA margin up by 420 bps YoY during Q3FY21. However, delay in passing on price hikes (to offset higher input costs) along with change in product mix resulted in some pressure in gross margins which were lower by 150 bps YoY. According to management, the margin...