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ICICI Securities Report
Grindwell Norton Ltd. has reported a healthy 17% YoY growth in Q2 FY22 led by strong performance from both abrasives and ceramics and plastics segments.
Despite headwinds, the company was able to limit its margin decline to 111 basis points YoY, landing a strong 20% Ebitda margin, leading to 15% YoY growth in adjusted profit after tax.
We believe revival in domestic industrial segment coupled with increased traction from life sciences and chemicals would likely support growth prospects of Grindwell Norton.
Factoring in higher margins and growth outlook, we raise FY22 and FY23 earnings estimates by 18% and 20%, respectively.
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