Crompton Gr Con (CROMPTON)'s topline stood in line with our estimates, with the strong off-take in northern and western India in June'21 compensating for muted growth in eastern and southern India. However, the two-year revenue CAGR stood at -12%, below -1% CAGR for Havells (on a like-to-like basis when comparing the ECD and Lighting segments). While gross margins stood stable YoY, the EBITDA margin declined as the management continued its spending on advertisements, R&D;, e-commerce, and other strategic areas (in line with 3Q/4QFY21)....