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