Grindwell Norton Ltd. share price target

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.

Grindwell Norton (GWN) delivered a steady set of numbers in Q4FY23 driven by revival in industrial demand and the company’s recent acquisition, PRS Permacel. Consolidated quarterly revenues grew 19% YoY to Rs6.6bn (I-Sec: Rs6.7bn) led by 27% YoY growth in ceramics & plastics, 6% in abrasives and 47% in digital services.

Grindwell Norton (GWN) delivered a healthy performance in Q3FY23 benefiting from revival in industrial demand and its recent acquisition, PRS Permacel. Consolidated revenues grew 20.3% YoY to Rs6bn in Q3FY23 – led by 39% YoY growth in ceramics & plastics (lower base), and 9% in abrasives.

Grindwell Norton (GWN) has delivered a healthy performance, benefiting from revival in industrial demand.

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Grindwell Norton (GNL) reported strong Q4FY21 numbers across operational parameters owing to better demand, favourable product mix and revival in key sectors like automotive, industrial, construction, engineering amid economic recovery. Revenues came in at | 508.8 crore, up a strong 39.1% YoY (amid low base) while it grew 11.2% on a QoQ basis, primarily aided by strong performance in the ceramics & plastic segment. Revenue contribution from abrasives, ceramics & IT services were at ~60%, ~32.5% & ~6.5%, respectively. Overall, EBITDA margins were at 22.2%,...

Better operating margins led by product mix, cost efficiencies Topline growth of 11.6% YoY was primarily led by ceramics & plastics segment (~34% contribution), up 18.0% to | 155.1 crore YoY. Abrasive segment (~58% contribution) grew 12% to | 265.3 crore YoY while new initiatives' segment de-grew 9.2% to | 41.2 crore YoY. Abrasive segment posted EBIT margin of 13.5%, an improvement of 170 bps YoY. While EBIT margins for ceramics and plastic segment expanded to 24.1%, YoY (vs. 12.7% in Q3FY20) and for new initiative' segment EBIT margin was at 28.5%...

Grindwell Norton (GNL) reported decent Q2FY21 numbers across operational parameters owing to pent-up demand and revival in key sectors like automotive, industrial, construction, engineering amid unlock. Revenues were at | 439.0 crore, decent growth of 11.9% YoY. Abrasives, ceramics & new initiatives' segment contributed ~59%, ~32% & ~9%, respectively. Overall, EBITDA margins were at 21.3%, improving 470 bps YoY. This was primarily aided by a reduction in overall operating expenses and employee expenses. Gross margins were at 54.3% with a marginal decline of 40 bps...

Topline growth of 9.7% YoY was primarily dragged by abrasives segment, which de-grew 13.4% to | 219.4 crore YoY. Ceramics and plastic segment de-grew 5.6% to | 114.6 crore YoY while new initiatives segment posted growth of 5.6% to | 36.3 crore YoY This segment contributed 33.4% to the topline. Abrasives segment grew 6.6% YoY, contributing 59.3% to the overall topline. EBIT margins of the abrasive segment came in at 9.5% (vs. 13.9% YoY). Margins of ceramics and plastic segment were at 15.0% (vs. 15.5% YoY) while for new initiative segment EBIT margin was at 28.4% (vs....

Grindwell Norton switched to new tax rate which led to expansion in earnings for Q2 by 29 percent to Rs.4.7

Grindwell earnings for 1Q came in line with our estimates. Revenue grew by 7.9% YoY to Rs. 4.1 Bn on the back of 22% YoY growth in Ceramics & Plastics business (C&P;).