Greaves Cotton’s December quarter numbers were below consensus estimates. Revenue from operation grew 13.2% yoy to Rs506.5cr in Q3FY19 vs. Rs447.3cr in Q3FY18, slightly ahead of the consensus estimates by 1.6%. EBITDA increased by 13.4% yoy to Rs70.6cr for the current quarter, marginally missing the consensus estimates by 1.6%. EBITDA margin was flat at 13.9% for the quarter under consideration. Net profit after taxes declined by 23.2% yoy to Rs42.7cr in Q3FY19 vs. Rs55.6cr in Q3FY18, fell 12.5% below the consensus estimates.
Operating performance improved on the back of higher top-line growth.
Bottom-line for the current quarter declined mainly owing to Rs22.6cr of exceptional income during the same quarter last year.
Engines sales increased 10.3% yoy to Rs472.2cr in Q3FY19. EBIT for the business increased 12.7% yoy to Rs78.7cr, while EBIT margin was 16.7% (vs. 16.3% in Q3FY18). The segment contributed 93% to the total sale of the company.
Others, which comprises of Genset, Agri equipment and Trading business, surged 80.2% yoy to Rs34.2cr in Q3FY19. EBIT came at Rs1.8cr in Q3FY19 vs. loss of Rs0.05cr in Q3FY18. EBIT margin was 5.4%, turned positive from negative of 0.03% in Q3FY18.
Other expenses increased by 15% yoy to Rs47.2cr in the current quarter.
Other income grew 12.3% yoy to Rs10.1cr for the quarter under consideration.
Greaves Cotton Ltd is currently trading at Rs. 120.55, down by 0.95 points or 0.78% from its previous closing of Rs. 121.50 on the BSE.
The scrip opened at Rs. 121.20 and has touched a high and low of Rs. 122.20 and Rs. 120.15 respectively. So far 1,08,183 (NSE+BSE) shares were traded on the counter. The stock is currently trading above its 200 DMA.
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