Godrej Industries Q4 - Trades At 64% Discount To NAV Compared To Historical Average Of 55%: ICICI Securities

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ICICI Securities Report

Godrej Industries Ltd. generates major from its listed subsidiaries and associates viz. Godrej Consumer, Godrej Properties and Godrej Agrovet. As per our target prices for Godrej Consumer, Godrej Properties and Godrej Agrovet and 55% holdco discount, Godrej Industries’ works out to Rs 1,030/share.

At current market prices of listed subsidiaries and associates, Godrej Industries’ works out to Rs 1,150/share. Godrej Group in April 2024 had announced to simplify group structure via ownership realignment of shareholdings in the group.

We believe further simplification (if any) of the group may result in unlocking. Further, it may result in lower holdco discount in the long term.

At present, the stock trades at a discount of 64% to the combined market of subsidiaries and associates.

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ICICI Securities Godrej Industries Q4FY24 Results Review.pdf

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