CROMPTON's topline came in ~6% higher than our estimate. The beat was driven by higher revenue growth in the ECD segment, with growth across Fans, Pumps, and Appliances. Margin in the Lighting segment continued to revive and stood at double-digits for the third consecutive quarter, with sequential expansion owing to sustained volume and value growth, coupled with cost rationalization. While the management does not expect the current margin in Lighting (~15% in 4QFY21) to sustain, a lower double-digit margin is achievable. It gained market share in Fans and continued its...