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7/29/2019 Crompton Greaves, 1st February 2013
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Please refer to important disclosures at the end of this report 1
EBITDA 2.0 182.7 (98.9) 1365.1 (99.9)
EBITDA margin (%) 0.1 6.0 (597) 4.7 (460.1)
Source: Company, Angel Research
Crompton Greaves (CG) reported a disappointing performance for 3QFY2013,
which was below our estimates and street expectations. The company posted a
loss of `69cr mainly on account of `108cr restructuring loss at its Belgium unit
(since most of the transformers had to be reworked at Hungary unit due toproduct defects). The company also incurred an additional loss of`121cr towards
VRS package of 199 redundant workers.
The companys international business has been a
drag on its consolidated margins over the last few quarters. However, standalone
margins were propping up the consolidated margins during these quarters. But in
3QFY2013, CGs standalone margins also disappointed, contracting by 320bp
yoy to 7.6%. The contraction in margins was on account of revenue deferral and
shutdown of Nasik plant (due to an accident).
The consolidated order intake for 3QFY2013 has come in at `2,267cr, a yoy
decline of 33%. This is on account of a 41% yoy decline in order intake in the
Power Systems segment to `1,728cr, although a 17% yoy growth in Industrialsegments order intake at `539cr did offset the impact partially. The order
backlog stood at`9,200cr, increasing 15% yoy.
Although the company is expected to register a healthy
11-12% yoy sales growth, supported by healthy order backlog, its operating margins
are expected to remain under pressure for the next few quarters. On a positive note,
the Management has indicated that all exceptional losses due to Belgium units
restructuring have been accounted for and the company is expected to save up to
14mn euros/year on account of the same. We are of the opinion that CGs margins
will bottom out in FY2013 and we expect the operating margin to gradually improve
over the next 14 to 18 months. Given the attractive valuation (stock trading at 0.5x
FY2014E EV/Sales compared to its five year trading range of 0.6x to 1.6x and
median of 1.1x),
% chg 9.5 12.4 7.9 13.6
% chg 12.4 (59.7) (43.2) 108.0
EBITDA (%) 13.4 7.1 3.8 6.3
P/E (x) 7.4 18.4 32.4 15.6
P/BV (x) 2.1 1.9 1.9 1.7
RoE (%) 32.1 10.9 5.8 11.5
RoCE (%) 33.7 13.4 5.3 13.6
EV/Sales (x) 0.7 0.6 0.6 0.5
EV/EBITDA (x) 4.9 8.5 15.2 8.4
Source: Company, Angel Research
CMP `107
Target Price `129
Investment Period 12 months
Stock Info
Sector
Net Debt (` cr) 202
Bloomberg Code
Shareholding Pattern (%)
Promoters 41.7
MF / Banks / Indian Fls 21.8
FII / NRIs / OCBs 18.6
Indian Public / Others 17.9
Abs. (%) 3m 1yr 3yr
Sensex 7.5 15.7 21.6
CG (14.5) (19.7) (56.9)
Reuters Code CRG.BO
CRG@IN
BSE Sensex 19,895
Nifty 6,035
Avg. Daily Volume 433,546
Face Value (`) 2
Beta 1.3
52 Week High / Low 167/100
Capital Goods
Market Cap (` cr) 6,858
022-39357800 Ext: 6839
amit.patil@angelbroking.com
Performance Highlights
3QFY2013 Result Update | Capital Goods
January 31, 2013
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Crompton Greaves | 3QFY2013 Result Update
January 31, 2013 2
Exhibit 1:Quarterly performance (consolidated)
Other operating income - - - - -
Stock adjustments (78) 406 (53) (428) 489
Raw Material 2,135 1,723 23.9 2,025 5.4 6,332 5,088 24.4
(% of total income) 69.2 70.3 (1.1) 67.4 67.8 68.3
Employee Cost 440 393 12.0 442 (0.4) 1,303 1,072 21.5
(% of total income) 14.8 13.0 15.1 15.0 13.1
Other Expenses 473 323 46.5 374 26.3 1,195 931 28.4
(% of total income) 15.9 10.7 12.8 18.9 18.3
(EBITDA %) 0.1 6.0 (597) 4.7 3.5 7.2
Interest 21 11 89.3 19 12.1 50 32 54.7
Depreciation 57 63 (9.7) 54 3.9 158 196 (19.6)
Other Income 30 15 96.3 21 46.2 70 52 35.0
PBT (%) (1.5) 4.1 2.9 1.9 5.1
Total Tax 23 49 (53.2) 41 (44.9) 109 143 (23.7)
(% of PBT) (50.1) 39.2 49.3 64.7 34.4
PAT Margins(%) (6.4) 2.5 1.4 0.7 3.3
Extra ordinary exp/(inc) 121 0 0 121 -
Source: Company, Angel Research
Exhibit 2:Actual vs Estimates
EBITDA 2 171 (98.8)
Source: Company, Angel Research
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Crompton Greaves | 3QFY2013 Result Update
January 31, 2013 3
Exhibit 3:Segment-wise performance (Standalone)
Power Systems 670 754 (11.2) 624 7.5 1,889 1,922 (1.7)Consumer Products 607 503 20.6 584 3.9 1,845 1,527 20.8
Industrial Systems 376 389 (3.1) 389 (3.3) 1,104 1,127 (2.0)
Others 103 2 5,244.0 91 13.1 280 8 3,509.4
Power Systems 53 81 (34.6) 62 (14.0) 171 220 (22.2)
Consumer Products 63 59 6.9 56 13.7 204 189 8.0
Industrial Systems 58 57 1.6 60 (4.2) 161 173 (7.3)
Others 2 0 1,085.0 6 (63.3) 13 1 1,403.6
Power Systems 36.9 45.8 36.9 36.9 41.9
Consumer Products 34.6 30.5 34.6 36.1 33.3
Industrial Systems 23.1 23.6 23.1 21.6 24.6
Others 5.4 0.1 5.4 5.5 0.2
Power Systems 9.9 10.7 9.9 9.1 11.4
Consumer Products 9.5 11.8 9.5 11.1 12.4
Industrial Systems 15.4 14.6 15.4 14.6 15.4
Others 7.1 10.4 7.1 4.5 10.8
Source: Company, Angel Research
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Crompton Greaves | 3QFY2013 Result Update
January 31, 2013 4
Exhibit 4:Segment-wise performance (Consolidated)
Power Systems 1,818 2,069 (12.1) 1,782 2.0 5,276 5,347 (1.3)Consumer Products 607 503 20.6 584 3.9 1,845 1,527 20.8
Industrial Systems 452 503 (10.2) 482 (6.2) 1,338 1,349 (0.8)
Others 106 5 2,245.4 94 12.2 290 16 1,707.4
Power Systems (105) 52 (302.0) 10 (1,145.6) (52) 185 (127.9)
Consumer Products 63 59 6.9 56 13.7 204 189 8.0
Industrial Systems 51 49 2.8 70 (27.7) 158 156 1.0
Others 3 1 236.0 7 (61.9) 13 3 414.6
Power Systems 60.9 67.2 60.6 60.3 64.9
Consumer Products 20.4 16.3 19.9 21.1 18.5
Industrial Systems 15.1 16.3 16.4 15.3 16.4
Others 3.6 0.1 3.2 3.3 0.2
Power Systems (5.8) 2.5 0.6 (1.0) 3.5
Consumer Products 10.4 11.8 9.5 11.1 12.4
Industrial Systems 11.3 9.8 14.6 11.8 11.6
Others 2.4 16.6 7.0 4.5 15.8
Source: Company, Angel Research
Belgium restructuring leads to losses in overseas business
CGs overseas business has suffered on account of slowdown in Europe and
transfer of orders from Belgium unit to Hungary unit, leading to execution delays.
Consequently, International revenues are down 14.4% yoy to `1,226cr in
3QFY2013.
The employee cost of CGs international subsidiaries remains high at ~28% of
total revenues compared to only ~6% for the standalone business. In order to
rationalize employee cost, the company has reduced 199 jobs (total of 730employees) and transferred orders from Belgium unit to the Hungary unit to avail
to lower labor costs. The restructuring of Belgium operations led to a loss of
`108cr in 3QFY2013 (since most of the transformers had to be reworked at the
Hungary unit due to product defects) at the EBITDA level, dragging the
consolidated OPM by 597bp yoy to 0.1%. Consequently, the company reported an
overall loss of `69cr in 3QFY2013 in its bottom-line. In addition, the company
incurred a further one-off loss of `121cr on account of VRS package offered to
outgoing workers.
The Management has indicated that all exceptional losses due to Belgium units
restructuring have been accounted for and the company is expected to save up to14mn euros/year on account of the same.
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Crom pton Greaves | 3Q FY20 13 Resul t Upda te
January 31, 201 3 5
Exhibit 5 :Employee expenses as % of t otal revenueremain high for International business
Source: Compa ny, Angel Research
Exhibit 6 :Belgium Restructuring has led to losses ininternational subsidiary
Source: Compa ny, A ngel Research
Standalone business margin disappoints
Although international b usiness has been a drag on C G s consolidated m arg ins in
the last few quarters, standalone margins were propping up the consolidated
m argins during these quarters. However, in 3Q FY201 3, CG s standalon e marg ins
also disappointed, contracting by 320bp yoy to 7.6%. The contraction in margins
was on account of revenue deferral and shutdown of Nashik plant (due to an
accident).
The companys standalone revenue posted a subdued 7.4% yoy growth to
` 1,74 6cr m ainly on a ccount of a sharp decl ine of 11 .2% yoy in the Power system s
segment to ` 670cr. Though Power Grid Corporation of India (PGCIL) orders have
retained traction in spite of slowdown in generation capacity addition, CG has
seen intense competition from domestic as well as Chinese and Korean
comp anies, which ha s imp acted its m arket share and ma rgins.
Exhibit 7 :Consolidated: EBITDA and EBITDA margin
Source: Compa ny, Angel Research
Exhibit 8 :Standalone: EBITDA and EBITDA margin
Source: Compa ny, A ngel Research
Consumer products
For the Consumer products segment, the company reported a robust revenuegrowth of 20.6% yoy to ` 607cr in 3Q FY2013 (`503cr in corresponding quarter
last year) on a con solid ated ba sis. How ever, the O PM contracted by 13 4b p yoy to
10.4% (probably due to higher promotional expenses in festive season).
0
5
10
15
20
25
30
3Q
FY10
4Q
FY10
1Q
FY11
2Q
FY11
3Q
FY11
4Q
FY11
1Q
FY12
2Q
FY12
3Q
FY12
4Q
FY12
1Q
FY13
2Q
FY13
3Q
FY13
Interna tio na l Sub s Sta nd alo ne b usiness
11.4
14.8
9 .210 .7 11.2 9 .5
(0.5)
5 .1
0 .5 1 .4 0 .7(0.8)
(10.6)(17)
(12)
(7)
(2)
3
8
13
18
(1,500)
(1 ,000)
(500)
-
500
1 ,000
1 ,500
3Q
FY10
4Q
FY10
1Q
FY11
2Q
FY11
3Q
FY11
4Q
FY11
1Q
FY12
2Q
FY12
3Q
FY12
4Q
FY12
1Q
FY13
2Q
FY13
3Q
FY13
EBIDTA (`cr ) EBIDTA Margins (%)
14.2
16.1
12.913.9 14 .2
12.8
7 .5
8 .4
6. 0 6 .9 5 .94 .7
0 .1
0 .0
4 .0
8 .0
12 .0
16 .0
20 .0
-
90
180
270
360
450
3Q
FY10
4Q
FY10
1Q
FY11
2Q
FY11
3Q
FY11
4Q
FY11
1Q
FY12
2Q
FY12
3Q
FY12
4Q
FY12
1Q
FY13
2Q
FY13
3Q
FY13
EBITDA (` cr, LHS) EBITDAM (%, RHS)
16.6 16.715.6 16.0
16 .315.0
12 .711.1 10 .8 10.2 9 .5
8 .8
7 .6
0 .0
4 .0
8 .0
12.0
16.0
20.0
-
90
180
270
360
3Q
FY10
4Q
FY10
1Q
FY11
2Q
FY11
3Q
FY11
4Q
FY11
1Q
FY12
2Q
FY12
3Q
FY12
4Q
FY12
1Q
FY13
2Q
FY13
3Q
FY13
EBITDA ( ` cr , LHS) EBITDAM ( %, RHS)
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Crompton Greaves | 3QFY2013 Result Update
January 31, 2013 6
Industrial Systems- Capex slowdown taking a toll
The Industrial systems segments revenue declined by 10.2% yoy on a consolidated
basis to `452cr, due to capex slowdown in sectors like cement, power, among
others. However, the Management has indicated that industrial segment should
see some recovery in the next quarter. On the margins front, the Industrial systems
segment witnessed expansion in EBIT margin by 143bp yoy to 11.3%.
The consolidated order intake for 3QFY2013 was `2,267cr, a yoy
decline of 33%, driven by 41% yoy decline in the Power system segment to
`1,728cr, offset to a small extent by 17% yoy growth in Industrial segment to
`539cr. The order backlog stood at`9,200cr, increasing 15% yoy.
Exhibit 9:Decent show on Order inflow front
Source: Company, Angel Research
Exhibit 10:Order backlog provides decent visibility
Source: Company, Angel Research
A play on margin recovery
Revival in International subsidiaries key to margin expansion:
CGs power and industrial segment are facing several headwinds on the
international and domestic business fronts. As far as the domestic Power segment
(standalone) is concerned, even though PGCIL orders have retained traction, CG
has been facing intense competition leading to falling margins as well as declining
market share. CGs overseas business has suffered on account of slowdown in
Europe and transfer of orders from the Belgium unit to Hungary unit, leading to
execution delays. The restructuring at Belgium unit has been a drag on profitabilityof the company. However, we are of the opinion that CGs margins will bottom out
in FY2013 and we expect operating margin to gradually improve over the next 14
to 18 months.
Outlook and valuation
Although the company is expected to register a healthy 11-12% yoy sales growth,
supported by healthy order backlog, its operating margins are expected to remain
under pressure for the next few quarters. On a positive note, the Management has
indicated that all exceptional losses due to Belgium units restructuring have been
accounted for and the company is expected to save up to 14mn euros/year onaccount of the same. We are of the opinion that CGs margins will bottom out in
FY2013 and we expect the operating margin to gradually improve over the next
14 to 18 months. Given the attractive valuations (stock trading at 0.5x FY2014E
2,0
52
2,5
88
1,7
04
2,2
60
3,4
01
2,8
96
2,7
18
2575
2267
-
700
1,400
2,100
2,800
3,500
4,200
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
(`cr)
7,0
17
7,1
65
7,0
88
7,1
20
8,0
00
8366
9172
9400
9200
15
12
4
0
1417
29
32
15
0
5
10
15
20
25
30
35
-
1,500
3,000
4,500
6,000
7,500
9,000
10,500
3QFY11
4QFY11
1QFY12
2QFY12
3QFY12
4QFY12
1QFY13
2QFY13
3QFY13
%(`cr)
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Crompton Greaves | 3QFY2013 Result Update
January 31, 2013 7
EV/Sales compared to its five year trading range of 0.6x to 1.6x and median of
1.1x) ,
Exhibit 11:One-year forward P/E band
Source: Company, Angel Research
Exhibit 12:Peer comparison
ABB* Reduce 651 573 (11.9) 5.2 4.5 74.9 29.5 59.1 7.1 16.5
BHEL Neutral 228 - - 2.8 2.4 9.3 10.4 (13.2) 33.5 24.5
BGR Energy Neutral 243 - - 9.9 9.0 9.9 9.0 (7.1) 0.0 0.0
Jyoti Structures Buy 41 51 26.3 0.5 0.4 4.4 3.5 2.2 11.3 12.7
KEC International Buy 61 78 28.4 1.3 1.1 11.4 6.9 3.9 17.0 23.6
Thermax Neutral 580 - - 3.7 3.2 20.5 18.8 (4.5) 19.3 18.4
Source: Company, Angel Research Note*: December year end.
Company Background
Crompton Greaves (CG), part of the US$4bn Avantha Group, is one of the
leading players in the power T&D equipment business in India. The company
operates across three segments - power systems, consumer products and industrial
systems. CG is a globally diversified company and derives ~50% of its order
backlog from international operations, led by a series of acquisitions undertaken
over FY2006-11. Europe and North America are the two biggest markets outside
Asia and jointly account for ~45% of the company's order backlog.
0
50
100
150
200
250
300
350
400
Jan-0
7
May-0
7
Sep-0
7
Jan-0
8
May-0
8
Sep-0
8
Jan-0
9
May-0
9
Sep-0
9
Jan-1
0
May-1
0
Sep-1
0
Jan-1
1
May-1
1
Sep-1
1
Jan-1
2
May-1
2
Sep-1
2
Jan-1
3
Share Price (`) 6x 12x 18x 24x
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Crompton Greaves | 3QFY2013 Result Update
January 31, 2013 8
Profit & Loss statement (consolidated)
% chg 27.9 4.6 9.5 12.4 7.9 13.6
% chg 33.8 28.3 5.2 -40% -43% 89%
(% of Net Sales) 11.4 14.0 13.4 7.1 3.8 6.3
Depreciation 122 155 194 260 229 248
EBIT 874 1,122 1,150 544 232 625
% chg 41.5 28.4 2.5 (52.7) (57.3) 168.8
(% of Net Sales) 10.0 12.3 11.5 4.8 1.9 4.5
Interest & other Charges 81 43 34 57 74 76
Other Income 74 110 113 63 90 102
(% of PBT) 8.5 9.2 9.2 11.4 36.1 15.7
Recurring PBT 867 1,189 1,229 550 248 651
% chg 40.9 37.1 3.4 (55.3) (54.9) 162.2
Extraordinary Inc/(exp) 0 35 (38) 0 (121) 0
Tax 305 365 310 182 42 216
(% of PBT) 0.4 0.3 0.3 0.3 0.3 0.3
PAT (reported) 563 824 919 368 206 435
Add: Share of earnings of asso. (1) 3 8 5 5 5
Less: Minority interest (MI) 2 3 0.4 (1) (1) (1)
Prior period items 0 0 0.0 0 0 0
% chg 54.8 47.3 12.4 (59.7) (43.2) 108.0
(% of Net Sales) 6.4 9.0 9.3 3.3 1.7 3.2
% chg 1,448.0 (15.8) 12.4 (59.7) (43.2) 108.0
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable withprevious year numbers
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Crompton Greaves | 3QFY2013 Result Update
January 31, 2013 9
Balance Sheet (consolidated)
Equity Share Capital 73 128 128 128 128 128Preference Capital - - - - - -
Reserves & Surplus 1,758 2,376 3,146 3,483 3,544 3,858
Minority Interest 14 4 16 16 16 16
Total Loans 718 501 395 985 985 985
Deferred Tax Liability 85 95 124 136 136 136
Others - - 266 235 235 235
Gross Block 3,029 2,986 3,780 4,409 4,959 5,509
Less: Acc. Depreciation 1,704 1,723 1,943 2,261 2,490 2,738
Capital Work-in-Progress 54 114 104 110 109 109
Goodwill - - - - - -
Deferred Tax Asset 133 90 108 187 187 187
Cash 566 669 298 498 331 28
Loans & Advances 229 246 436 522 566 639
Inventories 1,095 1,041 1,189 1,223 1,297 1,436
Debtors 2,056 2,146 2,543 3,143 3,325 3,854
Others 105 300 501 649 661 683
Current liabilities 2,976 3,017 3,213 3,783 4,186 4,549
Mis. Exp. not written off - - - - - -
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable withprevious year numbers
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Crompton Greaves | 3QFY2013 Result Update
January 31, 2013 10
Cash Flow Statement (consolidated)
Depreciation 122 155 194 260 229 248(Inc)/Dec in Working Capital 6 54 (507) (228) 93 (400)
Others 166 (50) (15) 75 74 76
Direct taxes paid (217) (292) (334) (244) (42) (216)
(Inc.)/Dec.in Fixed Assets (201) (290) (746) (372) (550) (465)
(Inc.)/Dec. in Investments (120) (294) (10) (90) - -
Other income - - - - - -
Issue of Equity - - - - - -
Inc./(Dec.) in loans (137) (217) (38) 423 - -
Dividend Paid (Incl. Tax) (81) (116) (119) (119) (24) (121)
Others (83) (45) (14) (55) (74) (76)
Inc./(Dec.) in Cash 321 94 (361) 199 (167) (302)
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable withprevious year numbers
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Crompton Greaves | 3QFY2013 Result Update
January 31, 2013 11
Key Ratios
P/E (on FDEPS) 7.0 8.3 7.4 18.4 32.4 15.6P/CEPS 5.8 7.0 6.1 10.8 15.6 10.0
P/BV 2.2 2.8 2.1 1.9 1.9 1.7
Dividend yield (%) 1.8 1.4 1.5 1.5 0.3 1.8
EV/Sales 0.5 0.7 0.7 0.6 0.6 0.5
EV/EBITDA 4.0 5.0 4.9 8.5 15.2 8.4
EV / Total Assets 1.5 2.1 1.6 1.4 1.4 1.4
OB/Sales 0.8 0.7 0.7 0.7 0.6 0.4
EPS (Basic) 15.3 12.9 14.4 5.8 3.3 6.9
EPS (fully diluted) 15.3 12.9 14.4 5.8 3.3 6.9
Cash EPS 18.6 15.3 17.5 9.9 6.9 10.7
DPS 1.9 1.5 1.6 1.6 0.4 1.9
Book Value 49.5 38.8 50.8 56.3 57.2 62.1
EBIT margin 10.0 12.3 11.5 4.8 1.9 4.5
Tax retention ratio (%) 99.6 99.7 99.7 99.7 99.7 99.7
Asset turnover (x) 1.9 1.8 1.8 1.6 1.6 1.6
RoIC (Pre-tax) 18.6 22.6 20.1 7.9 3.0 7.3
RoIC (Post-tax) 18.5 22.5 20.1 7.8 3.0 7.2
Cost of Debt (Post Tax) 10.3 7.0 7.6 8.2 7.5 7.7
Leverage (x) 0.2 (0.1) (0.1) (0.0) 0.0 0.1
Operating ROE 20.2 21.0 18.4 7.9 2.9 7.2
RoCE (Pre-tax) 35.9 39.0 33.7 13.4 5.3 13.6
Angel RoIC (Pre-tax) 18.8 22.9 20.5 8.0 3.0 7.4
RoE 35.7 38.0 32.1 10.9 5.8 11.5
Asset Turnover (Gross Block) (x) 3.1 3.0 3.0 2.7 2.6 2.6
Inventory / Sales (days) 45.1 42.6 40.7 39.1 37.9 36.2
Receivables (days) 78.9 83.9 85.5 92.3 97.3 95.0
Payables (days) 132.4 139.1 133.2 130.3 136.1 133.8WC cycle (ex-cash) (days) 21.4 24.4 36.9 43.1 39.3 38.6
Net debt to Equity 0.0 (0.2) (0.1) (0.0) 0.0 0.1
Net debt to EBITDA 0.0 (0.4) (0.2) (0.0) 0.3 0.5
Interest Coverage 10.8 26.2 33.5 9.6 3.1 8.2
Note: Some of the figures from FY2011 onwards are reclassified; hence not comparable withprevious year numbers
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Crompton Greaves | 3QFY2013 Result Update
January 31 2013 12
Research Team Tel: 022 3935 7800 E-mail: research@angelbroking.com Website: www.angelbroking.com
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fundamentals.
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Angel Broking Limited and its affiliates may seek to provide or have engaged in providing corporate finance, investment banking or
other advisory services in a merger or specific transaction to the companies referred to in this report, as on the date of this report or in
the past.
Neither Angel Broking Limited, nor its directors, employees or affiliates shall be liable for any loss or damage that may arise from or in
connection with the use of this information.
Note: Please refer to the important `Stock Holding Disclosure' report on the Angel website (Research Section). Also, pleaserefer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited andits affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement Crompton Greaves
1. Analyst ownership of the stock No
2. Angel and its Group companies ownership of the stock No
3. Angel and its Group companies' Directors ownership of the stock No
4. Broking relationship with company covered No
Note: We have not considered any Exposure below `1 lakh for Angel, its Group companies and Directors.
Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)Reduce (-5% to -15%) Sell (< -15%)
Recommended