Grindwell Norton Q4 Review - Strong Growth, Healthy Cashflow: ICICI Securities
Grinwell Norton Ltd. (Source: Company website)

Grindwell Norton Q4 Review - Strong Growth, Healthy Cashflow: ICICI Securities

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.

ICICI Securities Report

Grindwell Norton Ltd. has reported strong 42% YoY growth over a low base, which is better than expectations.

Margins have improved both under abrasives and ceramics segment leading to 86% YoY growth in adjusted profit after tax.

Cash from operations has also witnessed healthy improvement supporting the overall cash balance.

Improvement in overall utilisation of the domestic industry along with demand from healthcare and chemicals is likely to support growth.

Factoring in better-than-expected growth and margins, we raise FY22E and FY23E earnings by 9% and 11.5%, respectively.

Click on the attachment to read the full report:

ICICI Securities Grindwell Norton Q4FY21 Results Update.pdf

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