While the company has successfully executed the first leg of strategy of setting Fans/Lighting/Agro pumps on a strong growth footing, maintenance of the growth and successful scale up in other categories will be the key monitorable. We expect sales to grow at a CAGR of 11.5% and earnings CAGR of 18% over FY17 - 20E. We maintain BUY with a TP of Rs290 (37xFY20)
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