Emkay Global Financial Services has retained 'Buy' on Greaves Cotton with target price of Rs 90 as against current market price (CMP) of Rs 82 in its report.

Commenting on the investment rationale, Emkay said, ''Greaves Q4FY14 results were below estimates -(1) Revenues were down by 12% yoy to Rs 4.35 billion - Engines (-7%), Infrastructure (-26%); EBITDAM fall 210 bps yoy to 10.6% (3) APAT down by  53% yoy to Rs 182 million.

Engines report 27bps improvement in EBITM. Infrastructure continue to report losses. Improvement in net working capital aiding higher CFO and FCF generation

Retain Buy with target of Rs 90/ share. Valuations comfortable at 11x FY16E earnings and RoE of 19%.''

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