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Grindwell Norton - Q2FY21 First Cut - ICICI Securities

Posted On: 2020-10-30 08:31:44

(CMP: Rs. 542; MCap: Rs. 6,001 crore)

Grindwell Norton (GNL) reported strong Q2FY21 numbers across operational parameters owing to pent-up demand and revival in key sectors like automotive/ industrial/ construction/ engineering amid unlock.

- Revenues came in at Rs. 439.0 crore, which registered a decent growth of 11.9% YoY. Abrasives, ceramics & 'new initiatives' segment contributed ~59%, ~32% & ~9%, respectively

- Abrasive segment revenue grew by 16.4% to Rs. 260.8 crore, YoY, Ceramics and plastic segment grew by 3.9% to Rs. 143.0 crore, YoY while 'new initiatives' segment registered a growth of 12.4% to Rs. 39.6 crore, YoY

- Abrasive segment registered EBIT margin of 14.3% with an improvement of 310bps, YoY. While EBIT margins for Ceramics and plastic segment expanded by 750bps to 23.8%, YoY and for 'new initiative' segment EBIT margin stood at 31.7% (Vs. 20.9%, YoY)

- Overall, EBITDA margins came in at 21.3%, which improved by 470 bps YoY. This was primarily aided by reduction in overall operating expenses and employee expenses. Gross margins stood at 54.3% with marginal decline of 40bps on YoY basis

- PAT grew by 23.4% to Rs. 64.3 crore, YoY, despite lower other income and higher effective tax rate on YoY basis. Other income declined by 26.3% to Rs. 7.6 crore, on YoY basis

Shares of GRINDWELL NORTON LTD. was last trading in BSE at Rs.542 as compared to the previous close of Rs. 550.15. The total number of shares traded during the day was 4018 in over 774 trades.

The stock hit an intraday high of Rs. 577.45 and intraday low of 542. The net turnover during the day was Rs. 2258816.

Source: Equity Bulls

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