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Crompton Greaves - Q1FY2014 Result Review - Angel Broking
Posted On : 2013-08-06 21:43:34( TIMEZONE : IST )
For 1QFY2014, Crompton Greaves reported 12.3% yoy growth in its top-line to Rs. 3,157cr (compared to our estimate of Rs. 3,011cr) due to better than expected revenues from domestic consumer products segment. Standalone segmental revenue of consumer products is up by 20.6% yoy to Rs. 789cr.
On the EBITDA front, the company's operating profit was largely in-line with our expectations, declining by 1.9% yoy to Rs. 145cr (our expectation of Rs. 148cr) with international operations continuing to be drag on consolidated EBITDA. Consequently, OPM contracted by 135bp yoy to 4.6%. However, Net profit came below our estimate of Rs. 67cr, declining by 30.1% yoy to Rs. 60cr (due to increase in interest cost from Rs. 10cr to Rs. 20cr. We recommend Buy on the stock with a target price of Rs. 117.
