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|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2018-11-15||CG Power and Industr.. +||Motilal Oswal||35.10||35.10 (13.25%)||Daily Note|
Sales grew by 13% YoY to INR13.9b (est. of INR13.1b), supported by above estimated performance in the industrial systems segment. Power systems sales declined 10% YoY to INR6.2b, whereas industrial systems sales registered robust growth of 42% YoY to INR7.6b. Industrial systems 14 November 2018 performance was supported by healthy growth in the railway and motors segment. Standalone EBIDTA at INR1.3b (+65% YoY) and margin at 9.2% was above our estimate of 7.8%. Adjusted PAT of INR633m (+108% YoY) was ahead of our estimate of INR568m. On a consolidated basis, gross debt stood at INR28b, debt from continued business stood at INR22b, and debt from discontinued business stood at INR6b. Gross debt on sequential basis has increased by INR400m on restated basis (on reported basis gross debt has seen an increase of INR2.
|2018-08-16||CG Power and Industr.. +||Reliance Securities||58.90||65.00||58.90 (-32.51%)||Hold|
Consolidated revenue of CG Power & Industrial Solutions (CG Power) grew by 11.3% YoY to Rs14.9bn in 1QFY19 led by robust 15% YoY growth in Industrial Systems. PAT from continuing operations stood at Rs45mn vs. Rs423mn loss in 1QFY18, while its loss including discontinued operations remained flat at Rs855mn. Looking ahead, we expect CG Power's consolidated earnings to recover on low base and exit from loss-making assets in Hungary and Belgium. We...
|2018-06-08||CG Power and Industr.. +||Reliance Securities||59.50||65.00||59.50 (-33.19%)||Target met||Hold|
CG Power reported an exceptional loss at parent level in Q4FY18 led by continued loss of Rs1.1bn at Hungary unit (sale spilled over to H1FY19 owing to General Elections), Rs1.6bn of inventory write-off in Power System Transformers segment in Latin America and inventory write down in domestic Power System book value and write-off of Rs1.5bn in Engineering Projects business. As per the Management, Hungary divestment is on track despite delay by a quarter due to General Elections. The Company expects the deal to sail through by Jun'18 and a quarterly loss...
|2018-05-31||CG Power and Industr.. +||Motilal Oswal||60.55||63.00||60.55 (-34.35%)||Target met||Neutral|
Sales rose 22% YoY to INR14.3b (est. of INR14.1b), driven by 28% LTL growth in the industrial segment and 16% LTL growth in the power segment. EBIDTA increased 42% YoY to INR1.2b, with the margin of 8.1% ahead of our estimate of 7.5%. Adj. PAT of INR0.63b (+31% YoY) was ahead of our estimate of INR0.43b, led by 31 May 2018 higher other income (INR484m v/s est. Extraordinaries booked during the quarter stood at INR4b due to (a) INR1b of loss funding for Hungary biz, (b) INR1.7b of inventory write-down relating to the transformer business and (c) INR1.
|2018-02-26||CG Power and Industr.. +||Reliance Securities||82.45||90.00||82.45 (-51.79%)||Hold|
CG Power & Industrial Solutions (CG Power) has reported a stable set of numbers for 3QFY18. While its reported consolidated revenue grew by 7.3% YoY to Rs15.1bn, after adjusting for GSTrelated impact, it posted 14.9% YoY growth (like-to-like basis) vs. Rs13.1bn in 3QFY17. Consolidated net profit from continuing operations (after adjusting for exceptional item of Rs534mn) dipped by 37.8% YoY to Rs334mn, while consolidated net loss (including discontinued operations) declined to Rs282mn from Rs4,305mn in 2QFY18. Industrial segment which contributed 42.9% to its total revenue grew by 12.6% YoY to Rs6.5bn due to improved execution of orders, while Power system which contributed 56.8% to its total revenue grew by 3.4% YoY to Rs8.6bn. Looking ahead, we expect CG Power's consolidated earnings to recover on low base and exit from lossmaking assets in Hungary and Belgium. Rolling over our estimates to FY20E, we maintain our...
|2018-02-13||CG Power and Industr.. +||Motilal Oswal||89.90||90.00||89.90 (-55.78%)||Target met||Neutral|
Sales rose 11% YoY to INR11.8b (below estimate of INR12.7b), driven by Industrial segment growth of 11% YoY (like-to-like growth of 20% YoY). Power systems segment sales declined 6% YoY on a reported basis (muted like-to-like growth of 3% YoY). EBIDTA grew 4% YoY to INR871m (ahead of our estimate of INR683m), with the margin of 7.4% (-50bp YoY) ahead of our estimate of 5.4%. Adj. PAT of INR0.5b exceeded our estimate of INR0.3b due to lower tax (INR10m v/s our estimate of INR73m) and higher other income (INR454m v/s our estimate of INR250m).
|2017-11-16||CG Power and Industr.. +||Reliance Securities||80.50||78.00||80.50 (-50.62%)||Target met||Hold|
Net Loss Widens; All Eyes on Sale of Overseas Assets CG Power & Industrial Solutions (CG Power) continued to report a dismal performance in 2QFY18. Its consolidated net loss including discontinued operations stood at Rs4305mn. Excluding discontinued operation, CG Power reported Rs378mn loss vs. Rs 220mn profit in 2QFY17 owing to lower margin on the back of higher commodity prices. Notably, the Company couldn't undertake any price hike especially amid a weak demand environment due to GST transition. Its consolidated revenue including Indonesian subsidiary grew by a strong 18% YoY to Rs15.6bn in 2QFY18, driven by a recovery of lost sales in Indonesia (US$20mn) due to...
|2017-06-22||CG Power and Industr.. +||Geojit BNP Paribas||84.10||88.00||84.10 (-52.73%)||Hold|
International automation business (ZIV) has been sold off and the company received Rs 7bn as sale proceeds. Consolidated revenues reported at Rs 1,710cr (de-grew 7.6% YoY). Industrial division grew 11.6% YoY reported at Rs 640cr. Power systems division revenue de-grew by 16.7% YY....
|2017-05-28||CG Power and Industr.. +||HDFC Securities||93.40||95.00||93.40 (-57.44%)||Target met||Neutral|
CG Powers (CG) 4QFY17 revenue came in in-line with our estimates. However, a decline in SA industrial segment margins (-490bps YoY to 6.4%), led to an APAT miss. SA revenue grew 6.6% YoY, led by -0.7% /16.9% growth in the power/industrial segment respectively. Industrial margins declined, as CG cleared a long-pending dispute with a client.
|2017-02-11||CG Power and Industr.. +||HDFC Securities||71.20||82.00||71.20 (-44.17%)||Target met||Buy|
Crompton Greaves (CRG) reported quarterly numbers in line with estimates. SA revenue grew 10% YoY, led by 16.2%/5.6% growth in the industrial / power segment. SA EBITDA margin at 6.6% ( 140bps YoY) is also in line with our estimates. CRG has realigned the international power business into 5 entities (geography wise) to now sell it in piecemeal manner.
|2016-12-08||CG Power and Industr.. +||HDFC Securities||62.00||80.00||62.00 (-35.89%)||Target met||Buy|
Crompton Greaves (CG) standalone results were in line with our estimates however EBITDA losses in subsidiaries dented consolidated performance. SA revenue grew 5% YoY led by 17.2%/14.8% YoY growth in industrial / automation segment. Subsidiary revenue grew 3% YoY, however it reported an EBITDA loss (Rs 48mn) in the absence of any trading profits.
|2016-12-08||CG Power and Industr.. +||Reliance Securities||62.00||59.00||62.00 (-35.89%)||Target met||Sell|
Delay in Overseas Asset Sale, Eyeing on Domestic Market Consolidated net revenues of Crompton Greaves (CG) grew by modest 4.6% yoy to Rs14.9bn in 2QFY17 compared to Rs14.2bn in 2QFY16 primarily due to better performance of Industrial businesses. On the back of poor operational performance of power system, CG's PAT from continuing operation declined by 46% yoy to Rs268 mn in 2QFY17 compared to Rs497mn in 2QFY16, while net loss from discontinuing operations stood at Rs372mn for the reporting quarter. Stock has corrected by 25% in 1-month recently on account of poor operational...
|2016-09-02||CG Power and Industr.. +||Motilal Oswal||81.65||85.00||81.65 (-51.32%)||Neutral|
Crompton Greaves' (CRG) 1QFY17 standalone revenues grew 35% YoY to INR10.4b, in line with our estimates, primarily driven by strong performance in power systems business (+59% YoY). EBIDTA of INR0.6b was below our estimate of INR0.8b. EBIDTA margin of 5.9% too missed our estimate of 7.6% due to higher-than-expected other expenses during the quarter. Adjusted for the INR100m provision in power systems segment, EBITDA was at INR0.7b. PAT of INR383m was below our estimate of INR410m. Power systems business witnessed strong performance, with revenues growing...
|2016-08-31||CG Power and Industr.. +||HDFC Securities||83.30||82.00||83.30 (-52.28%)||Neutral|
Crompton Greaves’ (CG) 1QFY17 results fell short of our estimates led by muted standalone Power margins (5.6%, -190bps QoQ) and higher un-allocable expenses (lower other income and costs related to sale of international power biz). Subsidiaries reported improved performance (PAT of Rs 18mn vs. loss of Rs 741mn YoY). However, this was led by the US power solutions business which will soon be sold.We remain constructive on CG’s prospects led by (a) Balance sheet deleveraging post the sale of its international Power business (b) Consequent simplification in corporate structure and better focus on the more lucrative domestic business and (c) Rising visibility on domestic transmission and Railways capex.
However, UDAY-led benefits are now expected to be long drawn. Also margin profile will remain lumpy given sale/windup of various businesses and related costs. CG’s recent run-up caps near term upsides. Downgrade to NEUTRAL with an unchanged SOTP-based TP of Rs 76/share (15x FY18E EPS for SA, 7x EV/e for subsidiaries).
|2016-08-31||CG Power and Industr.. +||Phillip Capital||83.30||86.00||83.30 (-52.28%)||Neutral|
Top takeaways from Q1FY17 :Recurring PAT (Rs 401mn vs. loss yoy) was inline with consensus but below our estimates. Earnings were aided by an unexpected trading profit (Rs 414mn) booked in the international power systems segment, implying a 44% margin for the business. The management expects this trading profit to taper through the year.
Valuation: They maintain our Neutral rating with an SOTP?based price target of Rs 86 (unchanged), as see structural headwinds for CRG’s domestic power segment because of lack of new technology for high?end grid products.Also believe that current valuations (19x FY18 PE) not only adequately price in the impending uptick in the industrial business, but also ascribe a value to the potential sale of its automation business.
|2016-05-30||CG Power and Industr.. +||Nirmal Bang Institutional||68.05||68.05 (-41.59%)|
Nirmal Bang Institutional
Crompton Greaves (CGL) posted 4QFY16 consolidated revenues of Rs16.7bn, up 6% YoY, for the continuing business (excluding international power systems business which will be sold to First Reserve International for an enterprise value of euro115mn, the deal is likely to fructify in FY17). EBITDA stood at Rs1.5bn, translating to an operating margin of 9.3% (not comparable on YoY basis because of provision write-back in 4QFY15) while PAT of continuing operations was Rs1.2bn. In FY16, continuing operations posted revenues of Rs52.7bn, 4% down YoY with EBITDA margin of 7% and net profit margin of 1.4% on a consolidated basis. The discontinued operations posted a loss of Rs2.2bn in 4QFY16 and...
|2016-03-15||CG Power and Industr.. +||Motilal Oswal||44.00||70.00||44.00 (-9.66%)||Target met||Buy|
Crompton Greaves trades ex-consumer segment from today. The Board of Directors had fixed 16th March, 2016 as the record date for issuing shares of Crompton Greaves Consumer Electricals Limited (CGCEL) to Crompton Greaves...
|2016-03-10||CG Power and Industr.. +||Nirmal Bang Institutional||150.90||150.90 (-73.66%)|
Nirmal Bang Institutional
Crompton Greaves (CGL) has accepted a binding offer from an US-based private equity fund named First Reserve International (which manages US$31bn assets in the energy sector) to acquire CGL's overseas power systems operations spread across Indonesia, US, Belgium, Hungary, France and Ireland for an enterprise value of euro115mn on a cash-free and debt-free basis. CGL will receive an initial consideration of euro85mn (to retire debt of euro84mn lying on the books of entities getting sold) and the balance consideration of euro30mn staggered over the next 18 months. CGL aims to sign the share purchase agreement with First Reserve International by the end of March 2016...
|2016-03-10||CG Power and Industr.. +||Phillip Capital||150.55||172.00||150.55 (-73.60%)||Pre-Bonus/|
CRG entered into a binding agreement with a private equity investor First Reserve Internationaltosellitsinternationalpowertransmissionanddistributionbusiness,which includes CRG's operations in Europe, North America, and Indonesia while excluding its...
|2016-03-09||CG Power and Industr.. +||Choice India||Buy|
CGL's has announced on March 09, 2016 that it has sold its international transmission and distribution business to First Reserve International, a US Relative Capital Market Strength private equity fund, for enterprise value of 115 million euros, (about Rs 1.2...