BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Grasim Industries Ltd.’s Q1 FY22 result surprised positively on Ebitda margin, which came in at 19.7% (estimate: 17.2%), driven by sustained cost reduction and better realisation in the chemicals business.
Ebitda stood at Rs 7.4 billion versus a loss of Rs 2.3 billion in Q1 FY21.
We raise our FY22E/FY23E standalone Ebitda by 18%/6% to factor in an improved demand outlook and better margin for both the viscose staple fibre and chemicals.
Grasim's holding company discount of 46% is in line with its 10-year average of 48%.
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