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ICICI Direct Report
Greaves Cotton Ltd.’s standalone revenues came in at Rs 147.1 crore, down 69.2% YoY, (below our estimate of Rs 175.8 crore).
Engine segment revenues came in at Rs 140 crore, down 67.7% YoY. E-mobility segment revenue declined 52.5% to Rs 8.9 crore due to business disruptions amid Covid-19.
At the Ebitda level, it posted a loss of Rs 21.7 crore YoY (versus Ebitda of Rs 61.3 crore in Q1 FY20) owing to higher employee expenses, operating expenses and less revenue booking.
Loss after tax was at Rs 24.2 crore (versus profit after tax of Rs 39.8 crore in Q1 FY20), partly impacted by only marginal fall of 4% in depreciation and lower other income that fell 71% to Rs 2.2 crore YoY.
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