ICICI Direct: Greaves Cotton Posts Muted Q2 Performance Amid BS-VI, Pandemic  
An employee works on a motor for a Nissan Micra automobile on the engine assembly line. (Photographer Marlene Awaad/Bloomberg)

ICICI Direct: Greaves Cotton Posts Muted Q2 Performance Amid BS-VI, Pandemic  


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 288.2 crore, which fell 41.2% YoY (versus our estimate of Rs 298.7 crore).

Engine segment revenues came in at Rs 266 crore, down 40.4% YoY. On the other hand, e-mobility segment revenue grew 23.9% to Rs 42.5 crore owing to pent-up demand.

Ebitda fell 70.5% to Rs 17.5 crore YoY (versus our estimate Rs 13.7 crore). While Ebitda margins fell 600 basis points to 6.1% (versus our estimate of 4.6%) impacted by higher operating expenses and lesser revenues.

Click on the attachment to read the full report:

ICICI Direct Greaves Cotton Q2FY21 Result Update.pdf


This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the brokerage and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

BQ Install

Bloomberg Quint

Add BloombergQuint App to Home screen.