Havells India (HAVL)'s 2QFY22 earnings were 8% below our expectations despite the topline beat of 5%. Key operating parameters confirm our thesis of margin normalization from highs of FY21 even amid a strong demand environment. We expect the trend to continue over the next 23 quarters leading to strong topline growth, but muted EBITDA/earnings growth. Key positives include a) volume growth (ex-Cables) in the double digits, which is likely to sustain over the next few quarters; b) an uptick in the B2B business, with volume growth reflecting in Cables hereafter; and c)...