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Last Updated : May 06, 2019 04:14 PM IST | Source:

Hold Greaves Cotton; target of Rs 150: ICICI Direct

ICICI Direct recommended hold rating on Greaves Cotton with a target price of Rs 150 in its research report dated May 03, 2019.

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ICICI Direct's research report on Greaves Cotton

Greaves Cotton’s (GCL) revenues came in at Rs 528.1 crore, up 8.6% YoY, marginally above our estimate of Rs 521.7 crore. EBITDA came in flat at Rs 70.0 crore YoY (below our estimate of Rs 73.0 crore). EBITDA margins came in at 13.3% with a decline of 110 bps YoY and below our estimate of 14.0%. PAT came in at Rs 37.4 crore, down 34.0% YoY (below our estimate of Rs 51.6 crore) mainly impacted by one-time exceptional item of Rs 12.9 crore towards provision for fixed deposits with IL&FS, which impacted PAT for the quarter.


The board of Greaves Cotton has approved a proposal to buy back up to 1.37 crore shares being 5.6% of total paid-up equity capital at a tender price of Rs 175/share for an aggregate amount not exceeding Rs 240 crore.

For all recommendations report, click here

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First Published on May 6, 2019 04:14 pm
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