ADVERTISEMENT

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

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

Grinwell Norton Ltd. (Source: Company website)
Grinwell Norton Ltd. (Source: Company website)

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

DISCLAIMER

This report is authored by an external party. BloombergQuint does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BloombergQuint.

Users have no license to copy, modify, or distribute the content without permission of the Original Owner.