Driven by strong sales in the retail segment and growth in EPC and institutional orders, results were more than the estimates. The Company is focusing on expanding its dealer network, as this sales channel offers higher brand stickiness as well as better margins and lower working capital requirement. The institutional sale growth was a positive and management expects this division to grow in double digits. The EHV sale was another growth engine and is expected to rise further, considering the government push for underground electrification and metro transport. Brand development and distribution expansion will propel growth in the retail segment. We also believe the increase in proportion of the retail segment will control the need for working capital. It is reaping the fruits of its thrust on the retail segment, with a strong growth and higher margin profile. It currently has more than 1,450 dealers and is expected to grow this by at least 10% every year. · Company has
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