Low base, slight demand recovery drive sales Havells reported its Q1FY17 standalone numbers wherein the topline growth of ~17% YoY was largely on account of the lower base of last year. Lighting products grew ~23% YoY led by a shift from traditional lighting to LED products and fixtures. Switchgear recorded strong sales growth of 20% led by 34% growth in export, cable division recorded slow growth of 5% YoY supported by 20% volume...