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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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

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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