Name: Latest research reports of Grindwell Norton Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: Grindwell Norton Ltd.
Rating: 3
Author: ICICI Securities Limited

Subdued quarter; downgrade to HOLD

Hold: Grindwell Norton Ltd.

Target

ICICI Securities Limited

Grindwell Norton (GWN) Q1FY24 reported a subdued set of numbers with consolidated revenue/EBITDA/PAT growing 4.8%/4.9%/4% YoY respectively. Revenue growth was led mainly by ceramics & plastics and IT businesses of the company. Abrasives revenue was flat YoY (CUMI Abrasives grew 5% YoY in Q1FY24), impacted by increased Chinese dumping and weak export demand, which are key monitorables for the near team.