Crompton Greaves (CRG) reported quarterly numbers in line with estimates. SA revenue grew 10% YoY, led by 16.2%/5.6% growth in the industrial / power segment. SA EBITDA margin at 6.6% ( 140bps YoY) is also in line with our estimates. CRG has realigned the international power business into 5 entities (geography wise) to now sell it in piecemeal manner.