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Greaves Cotton Ltd. | Q3FY13 Concall Update




IndiaNivesh Securities Pvt Ltd


31 Jan 2013





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Greaves Cotton Ltd. | Q3FY13 Concall Update Key takeaways of the Q3FY13 management concall include: Auto engine volumes during the quarter were at ~115,000 against ~105,000 engines in Q3FY12 (of this ~22,000 engines were supplied to Tata Motors, taking the 9mFY13 total to ~50,000 engines). Within Agri-Equipments division, over 1,200 engines were sold (vs. ~900 engines in Q3FY12). Valuation: At CMP of Rs 82, GC is trading at FY13E and FY14E, P/E multiple of 13.3x and 11.6x, respectively. We have not made any changes to our estimates. With (1) ramp-up in Tata Motors business to continue, (2) likely scope for pick-up in Construction Equipment business from here-on (given the new product launches in pipeline, such as, boom pumps), coupled with (3) increased new product launches on back of higher R&D spends in our view should drive the bottom-line growth for next 3-4 quarters. We continue to maintain BUY rating on the stock with FY14E based price target of Rs 92.

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