Grindwell Norton Q3 Results Review - Decent But Abrasives, Ceramics Disappoint: Prabhudas Lilladher

NDTV Profit’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 NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Prabhudas Lilladher Report.We revise our FY24/25/26E earning per share estimates of Grindwell Norton Ltd. by -8.4%/-8.5%/-7.6% factoring in likely continued pressure on price and volumes from Chinese dumping and downgrade the rating to ‘Accumulate’ from Buy with a revised target price of Rs 2,512 (Rs 2,604 earlier). Grindwell Norton reported revenue growth of 9.3% YoY with Ebitda margin dipping 34 bps YoY to 19.4%.During 9M FY24, Abrasives revenue rose marginally by 3.9% YoY to Rs 9.9 billion with Ebit margin of 13.8% (versus 13.9% in 9M FY23). Ceramics and Plastics segment reported 6.3% YoY revenue growth in 9M FY24 to Rs 8.3 billion, while Ebit margin declined by 232 basis points YoY to 19.7%.We expect margin improvement for this segment in the medium term, driven by higher volumes and better product mix. Digital Services has been the best performing segment for Grindwell Norton in 9M FY23, as revenue grew strongly by 27.0% YoY to Rs 1.4 billion with Ebit margin rising sharply to 33.9% (versus 18.4% in 9M FY23)..Click on the attachment to read the full report:.Varun Beverages Q3 Results Review - Strong 14% Volume Growth In A Difficult CY23: Systematix.DISCLAIMERThis report is authored by an external party. NDTV Profit 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 NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Grindwell Norton Q3 Results Review - Decent But Abrasives, Ceramics Disappoint: Prabhudas Lilladher

Abrasives segment margin declined by 162bps YoY to 13.3%.

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Grindwell Norton Q3 Results Review - Decent But Abrasives, Ceramics Disappoint: Prabhudas Lilladher

Abrasives segment margin declined by 162bps YoY to 13.3%.

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