Grasim Q4 Review - VSF Segment Recovery Boosts Earnings: Motilal Oswal
Spools of thread sit on a textile machine. (Photographer: Taylor Weidman/Bloomberg)

Grasim Q4 Review - VSF Segment Recovery Boosts Earnings: Motilal Oswal

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 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%.

Click on the attachment to read the full report:

Motilal Oswal Grasim Industries Q4FY21 Result Update.pdf


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