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Analyst Research Report Snapshot


Crompton Greaves Ltd. | Q3FY13 Result Update




IndiaNivesh Securities Pvt Ltd


30 Jan 2013





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Crompton Greaves Ltd. | Q3FY13 Result Update | Poor show continues CG reported a consolidated top-line of Rs 29.7 bn against our expectations of Rs 29.7 bn. The company reported a net loss of ~Rs 1.9 bn against our PAT expectations of Rs 377 mn. The reported PAT margins were at negative 6.4% (vs. positive 2.5% a year ago). Outlook & Valuation: At CMP of Rs 108, CG is trading at FY13E and FY14E, P/E multiple of 28.5x and 17.9x, respectively. With all negatives surrounding the stock and the current unjustified rich valuations, we maintain our SELL rating on the stock with FY14E price target of Rs 86.

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