Havells? 3QFY17 net revenues grew by 13.1% YoY to Rs 14.9bn vs. expectation of 3.2% growth. EBITDA & APAT was up by 4% & 15% YoY. Havells? performance was ahead of our as well as market expectation. All four segments of Havells have grown despite adverse demand environment. The strategy to gain market share on sacrificing some margin is right strategy in the current environment.