Havells India (HAVL)'s 3QFY22 earnings were 14% below our expectation, despite the topline being in line with expectation. While commodity price inflation did impact gross margins, as expected, cost-cutting measures such as ad spending, travel, etc. made a comeback. Adj. for an increase in ad spending, the earnings miss would have been broadly in-line with our expectation. From a two-year perspective, 3QFY22/9MFY22 saw a rev CAGR of 27%/15%. Adj. for price hikes, volume growth would have been flattish for 3Q, but still strong given the pent-up demand in the base quarter. The demand...