Grasim Q3 Review Emerging From The Woods: Motilal Oswal
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Motilal Oswal Report
Grasim Industries Ltd.’s Q3 FY21 result exhibits sustained cost reduction and strong rebound in the business as Ebitda grew 68% YoY to Rs 6.5 billion.
With improved demand and pricing for viscose, outlook for FY22 remains strong.
We raise our FY21E/FY22E earning per share estimate by approximately 22%/24% to factor in better margin in the viscose staple fibre business and lower depreciation/finance cost due to divestment of the fertilizer business.
The holding company discount of 46% is in line with its 10-year average of 47%.
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