LED segment has been a downer given consistent price erosion in the market. It’s something that both Havells and Eveready management have acknowledged in their concalls as their LED revenues have been flat (mainly due to mainly lower pricing- volume growth has been good though). IKIO lighting, another player in lighting space, also reported a flat quarter.
The same goes for consumer durable segment with all the other players talking about slow consumption growth.
So to me no surprises in lighting and ECD segments.
The only surprise was degrowth in their pipe business despite fair amount of tailwind that sector is enjoying.
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