Greaves Cotton’s Q3 Performance Aided By Non-Auto, New Initiatives: ICICI Direct
Diesel motor engine blocks sit stacked on shelves at automobile component factory (Photographer Alex Kraus/Bloomberg)

Greaves Cotton’s Q3 Performance Aided By Non-Auto, New Initiatives: ICICI Direct


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ICICI Direct Report

Greaves Cotton Ltd.’s standalone revenues came in at Rs 436.8 crore, down 11.7% YoY, (above our estimate of Rs 353.1 crore). The engine segment revenues came in at Rs 412 crore, down 7.5% YoY.

On the other hand, e-mobility segment revenue grew 47.4% to Rs 57.8 crore. Ebitda declined 30.3% to Rs 53.8 crore YoY (above our estimate of Rs 33.9 crore).

Ebitda margins declined 330 basis points to 12.3% (versus our estimate of 9.6%) impacted by higher operating expenses and less revenue booking.

Employee cost fell 31.1% to Rs 28.7 crore amid restructuring efforts aiding margins.

Click on the attachment to read the full report:

ICICI Direct GreavesCotton Q3FY21 Result Update.pdf


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