Godrej Industries Q2 Results Review - At 67% Discount To NAV Versus Average 50%: ICICI Securities

ICICI Securities Report

Godrej Industries Ltd. generates major value from its listed subsidiaries and associates viz. Godrej Consumer Ltd., Godrej Properties Ltd. and Godrej Agrovet Ltd. As per our target prices for Godrej Consumer, Godrej Properties and Godrej Agrovet and 50% holdco discount, Godrej Industries’ value works out to Rs 638/share.

At current market prices of listed subsidiaries and associates, Godrej Industries’ value works out to Rs 603/share. The stock trades at a discount of 67% to combined market value of subsidiaries and associates.

We expect subsidiaries as well as associates of Godrej Industries to be the net beneficiaries of revival in economy. We also expect these businesses to benefit with value migration from unorganised to organised sector.

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