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Motilal Oswal Report
Grasim Industries Ltd.'s Q1 FY22 result surprised positively on Ebitda margin, which came in at 19.7% (estimate: 17.2%), driven by sustained cost reduction and better realisation in the chemicals business.
Ebitda stood at Rs 7.4 billion versus a loss of Rs 2.3 billion in Q1 FY21.
We raise our FY22E/FY23E standalone Ebitda by 18%/6% to factor in an improved demand outlook and better margin for both the viscose staple fibre and chemicals.
Grasim's holding company discount of 46% is in line with its 10-year average of 48%.
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