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