We model revenue CAGR of 18% in FY21-23E led by 22% and 17% revenue CAGR of ECD and Lloyd business, respectively. We believe Havells' focus on strengthening Lloyd brand and reducing dependency on single products (by increased focus on refrigerators, washing machines) would help drive sales of Lloyd, going forward. Besides, Industrial products such as cable, switchgear would also grow at CAGR of 15% led by increased government...