Sharekhan's research report on Greaves Cotton
Greaves reported strong Q4FY22 results, with better-than-expected revenue, EBITDA and PAT. E-mobility business turns positive during the Q4. Management remains positive on its diversification strategy and continues to focus on the e-mobility space. Greaves is expected to clock a 20.5% revenue CAGR during FY2021-24E also see a sharp rise in margins, leading to an earnings CAGR of 103.4%. The stock trades at a comfortable valuation of a P/E multiple of 24.8x and EV/EBITDA multiple of 14.2x its FY2024E estimates.
Outlook
We upgrade our rating to Buy on Greaves Cotton Limited (Greaves) with a revised PT of Rs.178, on a strong business outlook and comfortable valuation.
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