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Crompton Greaves: All-round performance - Views on News from Equitymaster
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Crompton Greaves: All-round performance
Jul 24, 2008

Performance summary
  • Consolidated sales grow by 34% YoY during 1QFY09, led by strong performance of the ‘power systems’ business.
  • EBIDTA margins expand by 1.4% YoY – improvement aided by decline in staff costs and stock related adjustments (both as percentage of sales).

  • Net profits rise by 37% YoY on the back of strong topline and operating margin performance. Sharp rise in tax expenses though pares the bottomline performance to an extent.

  • Acquires the France based Sonomatra (engaged in providing services of on-site maintenance/repair of power transformers) for an enterprise value of Euro 1.3 m (approx. US$ 2 m).

Financial performance snapshot (Consolidated)

(Rs m) 1QFY08 1QFY09 Change
Sales 15,226 20,348 33.6%
Expenditure 13,922 18,265 31.2%
Operating profit (EBDITA) 1,304 2,083 59.8%
Operating profit margin (%) 8.6% 10.2%
Other income 323 171 -47.0%
Interest 177 138 -22.5%
Depreciation 270 323 19.6%
Profit before tax 1,179 1,794 52.1%
Tax 287 567 97.6%
Minority interest 4 1 -67.4%
Share of profit/(loss) of associate 11 6 -45.9%
Profit after tax/(loss) 899 1,232 37.0%
Net profit margin (%) 5.9% 6.1%
No. of shares 366.6 366.5
Diluted earnings per share (Rs)* 12.0
P/E ratio (x)* 21.7

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