Crompton Greaves :
Crompton Greaves posted a 8.0% yoy growth in its consolidated Top-line to Rs 2,198 crore (Rs 2,035 crore) for 1QFY2010. During the quarter, consolidated net profit registered strong growth of 30.8% to Rs 160 crore (Rs 123 crore). During FY2009-11E, we expect the company to register Top-line and Bottom-line CAGR of 12.2% and 16.4%, respectively. At the current price, the stock is quoting at 17.3x and 14.6x FY2010E and FY2011E EPS respectively, which we believe is attractive compared to its peers ABB and Areva T&D, which are quoting at 25.7x and 24.4x CY2010E EPS, respectively. We advise investors to add stock on dips and maintain our Accumulate recommendation, with a target price of Rs 311.
Source: Angel Broking
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