ICICI Securities Ltd | Retail Equity Research Grindwell Norton's (GNL) Q3FY17 numbers were above our estimates. Revenues came in at | 314.4 crore (adjusted for Ind-As), up 12% YoY, and above our estimates of | 301.4 crore Abrasives segment comprised ~65% of the topline while the ceramics & plastics segment contributed 25% to the topline. Abrasives segment grew 16.9% YoY, | 218.6 crore in Q3FY17 vs. | 186.7 crore in Q3FY16. Ceramics & plastics segment grew 17.9%...