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CRGR

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									                                                                                           Regd off: 6th Floor, CG House, Dr. Annie Besant Road, Worli, Mumbai - 400 030
CROMPTON GREAVES LIMITED                                                                   E-Mail:    investorservices@cgl.co.in
                                                                                           Web site: www.cglonline.com
                                                                                           Telephone: (022) 2423 7805 Fax: (022) 2423 7733
CAPITAL GOODS                                                                  THAPAR      Tr agent: Datamatics Financial, Plot A 16-17, Cross Lane, MIDC, Mumbai - 93
Chairman: G. Thapar                                                           SEC: W. Henriques                                      AUD: Sharp & Tannan
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m      % ch 12-m      P/E       P/CF           Yield         Mkt cap              Vol.             ISIN
 1947   500093            CRG :IN      2           324.5          9.0            20.8        21.2      17.3            0.6          118,952.0            286.3       INE067A01029
SHAREHOLDING                                                     FX Transaction (FY09)                            ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 41.0%               Exports (fob)          Rs m 11,577                 (Rs)
Foreign collaborators      :  0.0%               Imports (cif)          Rs m     4,403
Indian inst/Mut Fund       : 26.9%               Fx inflow              Rs m 11,591          500
FIIs/GDR                   : 13.4%               Fx outflow             Rs m     4,915                                                                    DAILY
Free float                 : 18.7%               Net fx                 Rs m     6,676
Shareholders               : 68,743                                                                                                                       100 DMA
                                                                                             375
                           No. of months                  12            12           12
                             Year ending            31/03/07      31/03/08     31/03/09
EQUITY SHARE DATA
                                                                                             250
High                                  Rs         234                   454          280
Low                                   Rs         102                   183          100
Sales per share                       Rs       153.8                 186.4        238.4
Earnings per share                    Rs         7.7                  11.1         15.3      125
Cash flow per share                   Rs        10.3                  14.7         18.7
Dividends per share                   Rs        1.40                  1.60         2.00
Dividend yield (eoy)                  %          0.8                   0.5           1.1
                                                                                                0
Book value per share                  Rs        26.4                  35.5         50.0
Shares outstanding (eoy)              m       366.57                366.57      366.57          Aug-06            Jun-07            Feb-08           Nov-08               Aug-09
Bonus/Rights/Conversions                    FV2,B2:5                      -            -
Price / Sales ratio                   x           1.1                   1.7          0.8                               No. of months                12            12            12
Avg P/E ratio                         x         21.9                  28.7         12.4                                  Year ending          31/03/07      31/03/08      31/03/09
                                                                                            CASH FLOW
P/CF ratio (eoy)                      x         16.2                  21.7         10.1
Price / Book Value ratio              x           6.4                   9.0          3.8    From Operations                         Rs   m       3,789            5,788      9,444
Dividend payout                       %         18.2                  14.4         13.1     From Investments                        Rs   m      -7,245           -3,469     -3,343
Avg Mkt Cap                           Rs m    61,584               116,751       69,648     From Financial Activity                 Rs   m       3,798           -2,289     -2,890
No. of employees                      `000          8                     8            9    Net Cashflow                            Rs   m         341               30      3,212
Total wages/salary                    Rs m     7,145                 7,920       10,574
Avg. sales/employee                   Rs Th  7,074.1               8,224.9     10,202.4                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th    896.3                 953.4      1,234.7                                           2QFY09   3QFY09           4QFY09         1QFY10
Avg. net profit/employee              Rs Th    353.5                 489.6        653.8     Net sales                   Rs    m    20,984   21,504           24,600         21,975
                                                                                            Gross profit                Rs    m     2,366    2,246            3,287          2,475
INCOME DATA                                                                                 Gross profit margin         %            11.3     10.4             13.4           11.3
Net Sales                             Rs     m        56,395        68,324       87,373     Net profit                  Rs    m     1,201    1,232            1,940          1,603
Other income                          Rs     m         1,068           737          740     Net profit margin           %              5.7      5.7              7.9            7.3
Total revenues                        Rs     m        57,463        69,061       88,113
Gross profit                          Rs     m         4,837         7,476        9,946                                          KEY DATA
Depreciation                          Rs     m           974         1,317        1,270     Parameters                          Unit             FY07             FY08       FY09
Interest                              Rs     m           583           781          808     Power system                        % of sales        67.2             67.2       68.1
Profit before tax                     Rs     m         4,348         6,115        8,608     Consumer products                   % of sales        16.7             16.2       14.6
Minority Interest                     Rs     m           -47           -48          -17     Industrial system                   % of sales        14.7             15.0       12.7
Prior Period Items                    Rs     m              0             0            0    Others                              % of sales         1.3              1.6        1.3
Extraordinary Inc (Exp)               Rs     m            12            54           54     Exports                             % of sales        48.1             50.9       56.7
Tax                                   Rs     m         1,495         2,054        3,046
                                                                                                                                   NOTES
Profit after tax                      Rs     m         2,818         4,067        5,599
Gross profit margin                   %                   8.6         10.9         11.4     Crompton Greaves (CGL) is a leading player in the power transmission and
Effective tax rate                    %                 34.4          33.6         35.4     distribution (T&D) equipment and services business in India. The company is
                                                                                            engaged in designing, manufacturing and marketing high technology electrical
Net profit margin                     %                   5.0           6.0          6.4
                                                                                            products and services related to power generation, transmission, distribution as well
BALANCE SHEET DATA                                                                          as executing turnkey projects. CGL is organised into three business groups viz.,
                                                                                            Power Systems, Industrial Systems, and Consumer Products. The company offers
Current assets                        Rs m            29,430        34,016       41,699     wide range of products such as power and industrial transformers, high-tension
Current liabilities                   Rs m            22,348        26,423       32,008     circuit breakers, railway signaling equipments, lighting products, fans, pumps and
Net working cap to sales              %                 12.6          11.1         11.1     public switching, transmission and access products.
Current ratio                         x                   1.3           1.3          1.3
Inventory Turnover                    Days                59            57           46     CGL's consolidated topline grew by 28% YoY in FY09, led by a healthy growth in its
Debtors Turnover                      Days                92            92           86     power and industrial systems businesses. These segments grew by 32% YoY and
Net fixed assets                      Rs m            10,873        12,444       13,785     19% YoY respectively. The company's consumer product revenues increased by 18%
Share capital                         Rs m               733           733          733     YoY during the year. On the operating margins front, the same expanded from 10.9%
"Free" reserves                       Rs m             7,341        10,602       15,241     in FY08 to 11.4% in FY09, aided by the lower cost of goods purchased for trading. At
                                                                                            the end of the fiscal, the company's order backlog stood at Rs 65 bn.
Net worth                             Rs m             9,688        13,018       18,311
Long term debt                        Rs m             2,362         5,813        7,053     In May 2008, the company acquired Sonomatra, based in northern France, and
Total assets                          Rs m            40,946        47,395       57,157     engaged in the servicing of power systems. In September 2008, CGL made another
Interest coverage                     x                   8.5           8.8        11.7     acquisition, that of MSE Power Systems, which is engaged in EPC work for high
Debt to equity ratio                  x                   0.2           0.4          0.4    voltage electrical power transformer systems. Further, viewing power generation as
Sales to assets ratio                 x                   1.4           1.4          1.5    a strategic opportunity to ensure more sustainable rates of future growth, the
Return on assets                      %                 28.2          25.7         25.3     company made an investment of about Rs 2.3 bn to purchase 41% of the shares in
Return on equity                      %                 29.1          31.2         30.6     Avantha Power and Infrastructure (APIL), which is into the generation of power.
Return on capital                     %                 40.6          36.7         37.3
Exports to sales                      %                 10.9          11.1         13.3
Imports to sales                      %                   6.0           4.9          5.0
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