ICICI Direct: Grindwell Norton’s Strong Q2 Performance Led By Abrasives Segment
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ICICI Direct Report
Grindwell Norton Ltd. reported decent Q2 FY21 numbers across operational parameters owing to pent-up demand and revival in key sectors like automotive, industrial, construction, engineering amid unlock.
Revenues were at Rs 439.0 crore, decent growth of 11.9% YoY. Abrasives, ceramics and ‘new initiatives’ segment contributed approximately 59%, 32% and 9%, respectively.
Overall, Ebitda margins were at 21.3%, improving 470 basis points YoY.
This was primarily aided by a reduction in overall operating expenses and employee expenses.
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