We note three trends from Q2FY24: (1) B2B demand has remained strong and is likely to drive revenue growth of cables and wires and switchgear in H2FY24; (2) while there are green shoots in revival in offtake of white goods and durables, the recovery will be seen only in H2FY24; and (3) Lloyd continues to report losses. In case of commodityinflation in FY25-26, we believe profitability may remain under stress in foreseeable future.