Crompton Greaves

1QFY2012 Result Update | Capital Goods
July 21, 2011
Crompton Greaves
Performance Highlights
(` cr) Revenue EBITDA EBITDA margin (%) Adj. PAT
Source: Company, Angel Research
NEUTRAL
CMP Target Price
% chg (yoy) 5.9 (38.8) (545)bp (58.4) 4QFY11 2,908 373 12.8 290 % chg (qoq) (16.2) (51.3) (537)bp (72.6)
`181 -
1QFY12 2,438 182 7.5 79
1QFY11 2,302 297 12.9 191
Investment Period
Stock Info Sector Market Cap (` cr) Beta 52 Week High / Low Avg. Daily Volume Face Value (`) BSE Sensex Nifty Reuters Code Bloomberg Code
Capital Goods 11,630 0.7 349/171 1,592,078 2.0 18,436 5,542 CROM.BO CRG@IN
Crompton Greaves (CG) reported a dismal performance for 1QFY2012; well below our expectations, with a disappointing performance on the profitability front. On a consolidated basis, the company posted modest growth of 5.9% yoy to `2,438cr (`2,302cr), which was broadly in-line with our estimate of `2,486cr. However, a sharp increase in raw-material costs affected the companys margins considerably, denting CGs overall profitability during the quarter. We recommend Neutral on the stock. Negative surprise on margins; Unimpressive show by the power segment: Led by high raw-material costs, EBITDA margin for the quarter witnessed a steep decline of 545bp yoy to 7.5%, which was well below our estimate of 12.5%. The margin erosion can mainly be attributed to the power systems segment, which contracted sharply by around 800bp yoy to 2.6%. Weak performance delivered through overseas subsidiaries (flat growth and negative OPM) largely contributed to the dull operating performance on a consolidated front. Consequently, EBITDA declined by 38.8% yoy to `182cr (`297cr). Consequently, PAT also fell sharply by 58.4% yoy to `79cr (`191cr). Outlook and valuation: The T&D equipment segment is witnessing challenging times, characterised by heightened competition, pricing pressures and delayed tendering from PGCIL. Industry commentary suggests that ordering is likely to pick up post 1HFY2012 on the back of increased activity at PGCILs, which should stabilise CGs power segment. However, a tough macro environment and competitive pressures in the overseas T&D markets (which contribute substantially to CGs revenue) would weigh heavily in the near-to-medium term. Though we believe CG to be an underperformer, the stock has corrected significantly and further downside seems limited. Hence, we recommend Neutral.
Shareholding Pattern (%) Promoters MF / Banks / Indian Fls FII / NRIs / OCBs Indian Public / Others 40.9 28.6 23.2 7.3
Abs. (%) Sensex CG
3m (5.9) (16.9)
1yr 2.6 (35.8)
3yr 33.1 41.3
Key Financials (Consolidated)

Y/E March (` cr) Operating Income % chg Adj. PAT % chg EBITDA (%) EPS (`) P/E (x) P/BV (x) RoE (%) RoCE (%) EV/Sales (x) EV/EBITDA (x)
FY2010 9,141 4.6 825 47.3 14.0 12.9 14.1 4.7 44.4 43.7 1.2 8.7
FY2011 10,005 9.5 927 12.4 13.4 14.4 12.5 3.6 33.8 34.3 1.1 8.5
FY2012E 10,940 9.3 632 (31.8) 9.3 9.9 18.4 3.1 18.1 19.6 1.0 11.1
FY2013E 12,406 13.4 980 55.0 12.1 15.3 11.9 2.6 23.7 26.7 0.9 7.2
Hemang Thaker
+91 22 3937 7600 Ext: 6817 hemang.thaker@angelbroking.com
Please refer to important disclosures at the end of this report
Crompton Greaves | 1QFY2012 Result Update
Exhibit 1: Quarterly performance (Consolidated)

(` cr) Net Sales Other operating income Total income Stock adjustments Raw Material (% of total income) Employee Cost (% of total income) Other Expenses (% of total income) Total Expenditure EBITDA (EBITDA %) Interest Depreciation Other Income PBT (% of total income) Total Tax (% of PBT) Reported PAT (After Min. Int. and Assoc.) (% of total income) Extra ordinary exp/(inc) Adj PAT EPS (`)
1QFY12 2,438 2,438 (272) 1,610 54.9 322 13.2 306 12.5 2,256 182 7.5 11 61 15 125 5.1 48 37.9 79 3.2 0.0 79 1.2
1QFY11 2,302 2,302 (89) 1,197 48.1 299 13.0 287 12.5 2,005 297 12.9 5 42 18 269 11.7 79 29.5 191 8.2 0.0 191 3.0
% chg (yoy) 5.9 5.9 34.5 7.6 6.5 12.5 (38.8) 118.6 46.4 (17.3) (53.5) (40.1) (58.4) 0.0 (58.4) (58.4)
4QFY11 2,908 2,908 15 1,495 51.9 272 9.4 366 12.6 2,535 373 12.8 7 60 47 353 12.1 68 19.4 251 9.8 381 290 4.5
% chg (qoq) (16.2) (16.2) 7.7 18.4 (16.4) (11.0) (51.3) 51.7 1.8 (67.7) (64.5) (30.5) (68.4) 0.0 (72.6) (72.6)
FY11 10,005 10,005 (96) 5,174 51.7 1,181 11.8 1,211 12.1 8,661 1,344 13.4 21 194 100 1,229 12.3 310 25.2 889 8.9 381 927 14.4
FY10 9,141 9,141 22 4,624 50.6 1,113 12.2 1,158 12.7 7,864 1,277 14.0 26 155 94 1,189 13.0 365 30.7 860 9.4 (352) 825 12.9
% chg (yoy) 9.5 9.5 11.9 6.1 4.6 10.1 5.2 (21.0) 24.9 6.7 3.4 (15.1) 3.3 0.0 12.4 12.4
Exhibit 2: Actual vs. Estimates

(` cr) Revenue EBITDA PAT EPS (`)
Actual 2,438 182 79 1.2
Estimates 2,486 311 183 2.8
Var (%) (2.0) (41.5) (56.5) (56.5)
Lower volumes and realisation hurdled revenue growth: CGs revenue for the quarter was reportedly lower by ~`500cr on the back of lower volumes, which added to the sedate growth for the quarter. Notably, many orders could not be dispatched to certain African countries such as Libya, Morocco, and Algeria due to political crisis prevailing in the region. Lower realisations in the domestic as well as overseas markets further dampened the companys profitability.
July 21, 2011
Exhibit 3: Segment-wise performance (Standalone)

Y/E March (` cr) Revenue Power Systems Consumer Products Industrial Systems Others Total EBIT Power Systems Consumer Products Industrial Systems Others Total Revenue mix (%) Power Systems Consumer Products Industrial Systems Others EBIT Margin (%) Power Systems Consumer Products Industrial Systems Others Total
1QFY12 569 544 362 2.8 1,477 72 75 58 0.4 205 38.5 36.8 24.5 0.2 12.6 13.9 15.9 12.5 13.9
1QFY11 510 532 311 5.4 1,359 85 80 64 1.0 230 37.5 39.1 22.9 0.4 16.6 15.1 20.6 17.5 16.9
% chg (yoy) 11.5 2.2 16.2 (48.3) 8.7 (15.3) (6.1) (10.4) (63.2) (10.9)
4QFY11 819 551 402 2.7 1,774 148 79 64 0.7 292 46.2 31.0 22.6 0.2 18.1 14.3 16.0 26.8 16.4
% chg (qoq) (30.6) (1.3) (9.9) 4.5 (99.5) (51.5) (4.4) (10.4) (51.4) (29.7)
FY11 2,554 2,021 1,407 17 5,999 460 293 263 3.0 1019 42.6 33.7 23.4 0.3 18.0 14.5 18.7 17.3 17.0
FY10 2,510 1,612 1,174 25 5,322 462 230 260 1.0 953 47.2 30.3 22.1 0.5 18.4 14.3 22.1 4.0 17.9
% chg (yoy) 1.8 25.4 19.8 (31.5) 12.7 (0.4) 27.4 1.0 192.1 6.9
Profitability cracked in the power and industrial segments: The power systems segment posted decent 11.5% yoy growth to `569cr (`510cr); however, the segment witnessed a steep dip of ~400bp yoy in OPM to 12.6% on the back of increased competition and pricing pressures. Management has guided muted activity in the T&D segment for the near term, which may further put pressure on the power systems segment on account of the expected drying up of order inflows from the T&D segment. Likewise, industrial systems also showed improved traction with healthy 16.2% yoy growth to `362cr (`311cr), but axed with ~470bp yoy OPM contraction. We believe that slower investment activity amid a tough macro environment is likely to impact the segment. Consumer segment disappoints sharply: Unlike steady growth since the past several quarters, CG delivered flat growth of 2.2% yoy during the quarter. Lower-than-expected revenue was mainly on account on general inflationary pressures, which spiraled to reduce demand for consumer durables. OPM also eroded by 120bp yoy to 13.9%. Management quoted lower sales volume of fans, which contributes significantly to the segments revenue.
July 21, 2011
Exhibit 4: Segment-wise performance (Consolidated)

Y/E March (` cr) Revenue Power Systems Consumer Products Industrial Systems Others Total EBIT Power Systems Consumer Products Industrial Systems Others Total Revenue mix (%) Power Systems Consumer Products Industrial Systems Others EBIT Margin (%) Power Systems Consumer Products Industrial Systems Others Total
1QFY12 1,517 544 380 5.7 2,446 40 75 51 1 167 62.0 22.2 15.5 0.2 2.6 13.9 13.4 19.9 6.8
1QFY11 1,456 532 321 8.6 2,318 156 80 60 2 297 62.8 22.9 13.9 0.4 10.7 15.1 18.6 18.6 12.8
% chg (yoy) 4.1 2.2 18.3 (33.3) 5.5 (74.2) (6.1) (14.9) (28.3) (43.7)
4QFY11 1,923 551 435 8.5 2,917 257 79 65 (13.8) 387 65.9 18.9 14.9 0.3 13.4 14.3 14.9 (163) 13.3
% chg (qoq) (21.2) (1.3) (12.6) (32.6) (16.2) (84.4) (4.4) (21.6) (108.3) (56.7)
FY11 6,503 2,021 1,497 32 10,053 0.65 807 293 264 (25) 1,339 64.7 20.1 14.9 0.3 12.4 14.5 17.6 (79.1) 13.3
FY10 6,204 1,612 1,259 103 9,179 769 230 276 15 1,290 67.6 17.6 13.7 1.1 12.4 14.3 21.9 14.6 14.1
% chg (yoy) 4.8 25.4 18.9 (69.4) 9.5 4.9 27.4 (4.3) (266.0) 3.8
Overseas subsidiaries reel under pressure: Overall revenue from overseas subsidiaries declined by 910% in euro terms. This was primarily on account of lower volumes (dispatch of shipments to Middles East countries) and lower realisations. Accordingly, profitability turned negative on account of losses at the operating front. The lacklustre performance of overseas subsidiaries weighed heavily on the consolidated numbers power systems growth was dwarfed to 4.1% yoy, while OPM crashed by ~800bp yoy to 2.6%. Notably, the Middle East and African markets account for 10% of the overseas business. Management viewed the deferment in order dispatches as a temporary phenomenon and has guided for normalcy in business operations in these regions in the due course.
July 21, 2011
Order book: Consolidated order intake for the quarter totaled `2,250cr and unexecuted order backlog at the end of 1QFY2012 stood at `7,088cr. Order backlog of the overseas business stood at `3,574cr, while that for the domestic business stood at `3,514cr. Management has guided a muted near-term outlook and expects better inflows post the revival in the T&D segment.
Exhibit 5: Order book

7,000 5,600 6,315 6,400 6,078 6,400 6,802 7,116 7,017 7,169 7,088
(` cr)
4,200 2,800 1,400 -
1QFY10
2QFY10
3QFY10
4QFY10
1QFY11
2QFY11
3QFY11
4QFY11
Key Highlights of the conference call Management has guided for an optimistic outlook on the Western Europe market, with healthy growth prospects of distribution transformers. For FY2012, the consolidated top line is estimated to grow by 1012%, while EBITDA margin is expected to come in at 810%. Overseas subsidiaries are expected to post growth of 57% in euro terms. 2QFY2012 is likely to witness similar challenges and a revival is expected post 1HFY2012. Capex for FY2012 is estimated at `300cr400cr on a consolidated level.
July 21, 2011
1QFY12
Investment concerns
Difficult to make a strong case: Unlike past, it seems that the company has succumbed to the competitive pressures prevailing in the domestic T&D market domestically as well as globally. Lower realisations have also impacted the companys margins, which cast a concern on achieving historic profitability levels. Moreover, the sluggishness is likely to spill to the next quarter, which could further weaken the fundamentals. In addition, the deteriorating macro environment is likely to result in lower-than-expected industrial capex, which will directly impact CGs industrial segment. Importantly, the consumer segment, which has expanded admirably in the past several quarters, has shown weakness in the current quarter exhibiting inflationary pressure, which seems far from moderating in the near term. Finally, insufficient explanation by management towards future outlook as well as the guided margin dip portrays a bleak outlook of the company. Outlook and valuation: The T&D equipment segment is witnessing challenging times, characterised by heightened competition, pricing pressures and delayed tendering from PGCIL. Industry commentary suggests that ordering is likely to pick up post 1HFY2012 on the back of increased activity at PGCILs, which should stabilise CGs power segment. However, a tough macro environment and competitive pressures in the overseas T&D markets (which contribute substantially to CGs revenue) would weigh heavily in the near-to-medium term. Though we believe CG to be an underperformer, the stock has corrected significantly and further downside seems limited. Hence, we recommend Neutral on the stock.
Change in estimates
We have revised our financial estimates based on the current results, overall sector outlook as well as managements guidance. We have slightly tweaked our revenue growth for FY2012E and factored in margin contraction of around 410bp, which is in-line with managements guidance. We have also estimated higher working requirements on the back of increased inventory and debtor levels. We project an improved outlook for FY2013E; however, we revise our estimates downwards on a conservative stance.
Exhibit 6: Revised estimates

FY2012E (` cr) Earlier estimates Revised estimates Var. (%) FY2013E Earlier estimates Revised estimates Var. (%)
Revenue EBITDA PAT

11,029 1,482 980
10,940 1,017 632
(0.8) (31.3) (35.5)
12,867 1,785 1,198
12,406 1,500 980
(3.6) (16.0) (18.2)
July 21, 2011
Exhibit 7: Key assumptions

Segment Growth Rates (%) FY2012E FY2013E
Power systems (Domestic) Power systems (International) Consumer products Industrial

3.0 9.0 15.0 10.0
8.0 10.0 20.0 15.0
Exhibit 8: Angel EPS forecast

Angel forecast Bloomberg consensus Var (%)
FY2012E FY2013E
9.9 15.3
10.5 17.0
(6.1) (10.1)
Exhibit 9: One-year forward P/E band

420 350 280 210 140 70 0
Jul-05
Jul-06
Jul-07
Jul-08
Jul-09
Jul-10
Mar-06
Mar-07
Mar-08
Mar-09
Mar-10
Nov-05
Nov-06
Nov-07
Nov-08
Nov-09
Share Price (`)

2x
8x
14x
Exhibit 10: Peer comparison

Company Reco. CMP Tgt. price (`) Upside/ P/BV(x) P/E(x) FY2011-13E RoCE (%) RoE (%)
(`) (Downside) (%) FY12E FY13E FY12E FY13E
EPS CAGR FY12E FY13E FY12E FY13E
ABB* Areva T&D* BHEL BGR Energy Cromp. Greaves Jyoti Structures KEC International Thermax
Sell Neutral Accum. Neutral Buy Buy Neutral
860 253 464 181 90 83 589
637 500 104 115 -
(26.0) 7.8 15.6 38.3 -
6.6 5.2 3.9 2.8 3.1 1.0 1.9 4.2
5.7 4.3 3.2 2.4 2.6 0.8 1.5 3.3
42.4 28.4 14.6 10.4 18.4 7.1 8.7 15.7
36.5 21.3 12.5 9.6 11.9 5.9 6.5 13.6
180.2 23.3 16.8 3.7 2.8 18.8 24.1 16.4
23.9 24.0 41.0 19.5 19.6 23.9 24.9 39.0
24.7 26.9 38.7 18.7 26.7 23.9 28.7 36.1
16.6 19.7 28.9 30.0 18.1 16.8 23.9 29.6
Nov-10
20x
Neutral 1,953
Source: Company, Angel Research; *Note: December year end
July 21, 2011
Mar-11
16.8 22.1 27.2 26.8 23.7 15.3 26.3 27.3
Jul-11
Profit & Loss statement (consolidated)

Y/E March (` cr) Operating income % chg Total Expenditure Raw Materials Mfg costs Personnel Costs Other Costs EBITDA % chg (% of Net Sales) Depreciation& Amortisation EBIT % chg (% of Net Sales) Interest & other Charges Other Income (% of PBT) Recurring PBT % chg Extraordinary Inc/(exp) PBT Tax (% of PBT) PAT (reported) Add: Share of earnings of asso. Less: Minority interest (MI) Prior period items Reported PAT (After MI) Adjusted PAT % chg (% of Net Sales) Basic EPS (`) Fully Diluted EPS (`) % chg FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E 6,832 21.2 6,086 3,371 1,194 797 725 746 54.5 10.9 126 620 60.0 9.1 78 74 12.0 615 41.1 615 205 33.4 410 2 5 407 407 44.3 6.0 11.1 11.1 44.3 8,737 27.9 7,742 4,153 1,541 1,065 983 996 33.5 11.4 122 874 41.0 10.0 81 74 8.5 867 40.9 867 305 35.1 563 (1) 2 560 560 37.7 6.4 15.3 15.3 37.7 9,141 10,005 4.6 7,864 4,203 1,593 1,113 954 1,277 28.3 14.0 155 1,122 28.4 12.3 43 110 9.2 1,189 37.1 35 1,224 365 30.7 824 3 3 860 825 47.3 9.0 12.9 12.9 (15.8) 9.5 8,661 4,270 2,227 1,181 983 1,344 5.2 13.4 194 1,150 2.5 11.5 35 114 9.3 1,229 3.4 (38) 1,191 310 25.2 919 8 0.4 889 927 12.4 9.3 14.4 14.4 12.4 10,940 9.3 9,923 5,014 2,535 1,313 1,061 1,017 (24.3) 9.3 212 805 (30.0) 7.4 34 107 12.2 878 (28.5) 878 246 28.0 632 632 632 (31.8) 5.8 9.9 9.9 (31.8) 12,406 13.4 10,906 5,441 2,791 1,458 1,216 1,500 47.4 12.1 238 1,262 56.7 10.2 33 132 9.7 1,361 55.0 1,361 381 28.0 980 980 980 55.0 7.9 15.3 15.3 55.0
July 21, 2011
Balance Sheet (consolidated)

Y/E March (` cr) SOURCES OF FUNDS Equity Share Capital Preference Capital Reserves & Surplus Shareholders Funds Minority Interest Total Loans Deferred Tax Liability Total Liabilities APPLICATION OF FUNDS Gross Block Less: Acc. Depreciation Net Block Capital Work-in-Progress Goodwill Investments Deferred Tax Asset Current Assets Cash Loans & Advances Inventories Debtors Others Current liabilities Net Current Assets Mis. Exp. not written off Total Assets 2,685 1,489 1,197 48 93 59 3,402 244 370 1,066 1,720 2,642 759 2,156 3,029 1,704 1,325 54 167 133 3,945 566 229 1,095 2,056 2,976 969 2,648 2,986 1,723 1,262 114 554 90 4,102 669 246 1,041 2,146 3,017 1,085 3,104 3,780 1,949 1,831 110 675 108 4,550 298 468 1,241 2,543 3,389 1,160 3,885 4,080 2,161 1,919 110 950 108 5,071 181 432 1,640 2,818 3,806 1,265 4,352 4,580 2,399 2,181 110 1,150 108 5,780 363 556 1,700 3,161 4,212 1,568 5,117 73 1,228 1,302 12 842 2,156 73 1,758 1,831 14 718 85 2,648 128 2,376 2,504 4 501 95 3,104 128 3,146 3,275 16 470 124 3,885 128 3,614 3,742 16 470 124 4,352 128 4,429 4,557 16 420 124 5,117 FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E
July 21, 2011
Cash Flow statement (consolidated)

Y/E March (` cr) PAT Adjustments Opr Profits Before WC Chg. Changes in Working Capital Taxes Paid during the year Cash Flow from Operations (Inc.)/Dec in Fixed Assets (Inc.)/Dec in Investments (Inc.)/Dec in Loans/advances Other Income Cash Flow from Investing Issue of Equity Inc/(Dec) in Loans Dividend Paid (incl.Tax) Others Cash Flow from Financing Cash generated/(utilised) Cash at start of the year Cash at end of the year
FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E 407 446 853 (84) (187) 579 (253) (102) 8 (347) (91) (70) (68) (229) 3 241 244 560 598 1,158 6 (217) 944 (198) (140) 16 (322) (137) (81) (83) (302) 321 244 566 860 433 1,293 54 (292) 1,056 (207) (436) 68 (575) (217) (116) (45) (378) 103 566 669 889 512 1,400 (513) (334) 560 (626) (119) 14 (738) (38) (119) (35) (193) (370) 669 298 632 492 1,125 (365) (222) 537 (300) (275) (575) (165) 86 (79) (117) 298 181 980 652 1,632 (155) (347) 1,130 (500) (200) (700) (50) (165) (33) (248) 182 181 363
July 21, 2011
10
Key Ratios
Y/E March Valuation Ratio (x) P/E (on FDEPS) P/CEPS P/BV Dividend yield (%) EV/Sales EV/EBITDA EV / Total Assets Per Share Data (`) EPS (Basic) EPS (fully diluted) Cash EPS DPS Book Value DuPont Analysis(%) EBIT margin Tax retention ratio (%) Asset turnover (x) RoIC (Pre-tax) RoIC (Post-tax) Cost of Debt (Post Tax) Leverage (x) Operating ROE Returns (%) RoCE (Pre-tax) Angel RoIC (Pre-tax) RoE Turnover ratios (x) Asset Turnover (Gross Block) (X) Inventory / Sales (days) Receivables (days) Payables (days) WC cycle (ex-cash) (days) Solvency ratios (x) Net debt to Equity Net debt to EBITDA Interest Coverage 0.6 0.8 7.9 0.0 0.0 10.8 (0.2) (0.4) 26.2 (0.1) (0.2) 32.7 (0.1) (0.4) 23.5 (0.2) (0.5) 38.8 3.1 53 84 124 26 3.4 45 79 111 19 3.4 43 84 122 16 3.1 42 86 118 23 2.8 48 89 117 32 2.9 49 88 118 34 35.2 43.9 46.9 41.9 55.5 44.8 43.7 66.9 44.4 34.3 47.6 33.8 19.6 24.8 18.1 26.7 35.0 23.7 9.1 66.6 4.7 42.6 28.4 6.0 0.7 44.3 10.0 64.9 5.6 55.9 36.3 6.7 0.2 43.6 12.3 69.3 5.7 70.0 48.5 4.9 (0.1) 43.6 11.5 74.8 4.4 50.7 37.9 5.4 (0.1) 33.8 7.4 72.0 3.6 26.3 18.9 5.3 (0.1) 17.8 10.2 72.0 3.6 37.0 26.6 5.3 (0.1) 23.6 11.1 11.1 14.5 1.6 35.1 15.3 15.3 18.6 2.0 49.5 12.9 12.9 15.3 2.2 38.8 14.4 14.4 17.5 2.2 50.8 9.9 9.9 13.2 2.2 58.1 15.3 15.3 19.0 2.2 70.8 16.3 12.5 5.2 0.9 1.8 16.4 6.5 11.9 9.8 3.7 1.1 1.3 11.7 5.1 14.1 11.9 4.7 1.2 1.2 8.7 3.9 12.5 10.4 3.6 1.2 1.1 8.5 2.9 18.4 13.8 3.1 1.2 1.0 11.1 2.6 11.9 9.5 2.6 1.2 0.9 7.2 2.1 FY2008 FY2009 FY2010 FY2011 FY2012E FY2013E
July 21, 2011
11
Research Team Tel: 022 3935 7800
E-mail: research@angelbroking.com
Website: www.angelbroking.com
DISCLAIMER
This document is solely for the personal information of the recipient, and must not be singularly used as the basis of any investment decision. Nothing in this document should be construed as investment or financial advice. Each recipient of this document should make such investigations as they deem necessary to arrive at an independent evaluation of an investment in the securities of the companies referred to in this document (including the merits and risks involved), and should consult their own advisors to determine the merits and risks of such an investment. Angel Broking Limited, its affiliates, directors, its proprietary trading and investment businesses may, from time to time, make investment decisions that are inconsistent with or contradictory to the recommendations expressed herein. The views contained in this document are those of the analyst, and the company may or may not subscribe to all the views expressed within. Reports based on technical and derivative analysis center on studying charts of a stock's price movement, outstanding positions and trading volume, as opposed to focusing on a company's fundamentals and, as such, may not match with a report on a company's fundamentals. The information in this document has been printed on the basis of publicly available information, internal data and other reliable sources believed to be true, but we do not represent that it is accurate or complete and it should not be relied on as such, as this document is for general guidance only. Angel Broking Limited or any of its affiliates/ group companies shall not be in any way responsible for any loss or damage that may arise to any person from any inadvertent error in the information contained in this report. Angel Broking Limited has not independently verified all the information contained within this document. Accordingly, we cannot testify, nor make any representation or warranty, express or implied, to the accuracy, contents or data contained within this document. While Angel Broking Limited endeavours to update on a reasonable basis the information discussed in this material, there may be regulatory, compliance, or other reasons that prevent us from doing so. This document is being supplied to you solely for your information, and its contents, information or data may not be reproduced, redistributed or passed on, directly or indirectly. 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, please refer to the latest update on respective stocks for the disclosure status in respect of those stocks. Angel Broking Limited and its affiliates may have investment positions in the stocks recommended in this report.
Disclosure of Interest Statement 1. Analyst ownership of the stock 2. Angel and its Group companies ownership of the stock 3. Angel and its Group companies' Directors ownership of the stock 4. Broking relationship with company covered
Crompton Greaves No No No No
Note: We have not considered any Exposure below ` 1 lakh for Angel, its Group companies and Directors.
Ratings (Returns):
Buy (> 15%) Reduce (-5% to 15%)
Accumulate (5% to 15%) Sell (< -15%)
Neutral (-5 to 5%)
July 21, 2011
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1QFY2012 Result Update | Capital Goods

July 21, 2011

1QFY12 2,438 182 7.5 79

1QFY11 2,302 297 12.9 191

Abs. (%) Sensex CG

1yr 2.6 (35.8)

3yr 33.1 41.3

Key Financials (Consolidated)

Please refer to important disclosures at the end of this report