Feb 14, 2017 06:13 PM IST | Source:

Buy Crompton Greaves; target of Rs 82: HDFC Securities

HDFC Securities is bullish on Crompton Greaves has recommended buy rating on the stock with a target price of Rs 82 in its research report dated February 11, 2017.

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HDFC Securities' research report on Crompton Greaves

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.


We continue to be buyers in CRG as we believe the SA business is on the uptrend (sustained visibility on T&D and railway capex and current valuations factor in losses in international operations). Reiterate BUY with a SOTP-based TP of Rs 82/share (15x Dec-18E EPS for SA, Rs 11/share for subsidiaries).

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