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ICICI Direct Report
Grindwell Norton Ltd. reported a decent set of Q4 FY23 numbers.
Revenues came in at Rs 664,8 crore, 19% YoY, primarily aided by a strong performance in the ceramics and plastic segment.
Grindwell Norton's Ebitda came in at Rs 129.3 crore, up 4.6% YoY with margins at 19.4% while gross margins contracted 300 basis points to 55% YoY. Consequently, profit after tax grew 9.8% YoY to Rs 98.5 crore.
Key triggers for future price performance:
Ambition to maintain market share in abrasives and increase market share in ceramic and plastics with gradual penetration of new value added products.
High margin value added products and solutions oriented approach to drive margin expansion (from ~16.7% in FY20 to 20.4% in FY25E).
We expect revenue, Ebitda to grow at a compound annual growth rate of 21.4%, 22.3%, respectively, over FY22-25E.
Net debt free balance sheet, double-digit return ratios and strong cash generation.
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