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Last Updated : Jun 18, 2020 08:39 AM IST | Source: Moneycontrol.com

Hold Greaves Cotton; target of Rs 84: Arihant Capital

Arihant Capital recommended hold rating on Greaves Cotton with a target price of Rs 84 in its research report dated June 15, 2020.

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Arihant Capital 's research report on Greaves Cotton


Greaves Cotton (GCL) reported weak set of numbers with revenue de-growth of 32% YoY was impacted due to decline in volumes amid auto slowdown and Covid-19 related lockdown. Decline in revenue and rise in cost due to BS-VI transition impacted operating performance of the company. EBITDA for the quarter declined by 56% YoY to Rs 306 mn while EBITDA margin contracted sharply by 475bps YoY to 8.5%. Adjusted PAT for the quarter fell by 70% YoY to Rs 151 mn.



Outlook


We downgrade our rating to ‘Hold’ from ‘Accumulate’ with revised target price of Rs 84.





For all recommendations report, click here

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First Published on Jun 18, 2020 08:39 am
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