Grasim Q4 Review - VSF Segment Recovery Boosts Earnings: Motilal Oswal
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Motilal Oswal Report
Grasim Industries Ltd.’s Q4 FY21 result exhibits the benefits of higher Viscose Staple Fiber prices and sustained cost reduction as Ebitda grew 106% YoY (26% QoQ) to Rs 8.1 billion.
We cut our FY22E/FY23E standalone Ebitda by 7%/17% to factor in weak margin outlook for the chemical business.
The holding company discount of 44% is in line with its 10-year average of 48%.
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