We mannequin Havells to report an earnings CAGR of 17.4% over FY21-FY23e with: Three pointers from Q4FY21: (i) Robust client off-take, market share good points from smaller gamers, increased revenues from E-commerce and rural markets and value hikes had been chief causes for 50.6% income progress y-o-y; (ii) enchancment in income combine in addition to