Havells (HAVL)'s 4QFY21 revenue grew a strong 50% YoY (two-year CAGR: 10%), with the recovery seen in 3QFY21 sustaining in 4QFY21 as well. The company continued to accrue market share gains in its core portfolio at the cost of the unorganized sector. The core portfolio reported a two-year CAGR of 11% and Lloyd posted a two-year CAGR of 5%. Lloyd performed below our expectations, with sequential growth of just 15% QoQ v/s strong growth by peers such as Voltas and Blue Star going into the summer season. This was despite Lloyd's full-year performance being fairly...