Operating performance ahead of estimates. Revenues stood at INR14.7b (up 17% YoY)vs. our estimate of INR14.1b (consensus INR13.9b). Operating profit at INR2.0b (up 23.7% YoY) was ahead of our estimate of INR1.9b (consensus INR1.8b). Adjusted PAT at INR1.45b (up 36.3% YoY) was above our estimate of INR1.4b. Revenue beat was primarily on account of better than expected growth across segments, namely Fans (+18-19% YoY),Lighting( +22.1% YoY) and switchgears (+20% YoY).Improvement in margins was driven by favorable raw material cost, operational efficiency measures, better product mix and pricing...