Grindwell Norton’s Q3FY19 numbers were below consensus estimates. Total revenues from operations increased 8% yoy to Rs394.8cr vs. Rs365.4cr in Q3FY18, missing the estimates by 5.5%. EBITDA for the quarter under consideration was Rs64cr vs. Rs64.5cr in the same quarter last year, missing the consensus estimates by 11.6%. EBITDA margin contracted by 142bps yoy to 16.2% for the quarter under review. Net profit after taxes rose 3.1% yoy to Rs41.3cr as compared to Rs40cr in Q3FY18, falling 6.8% short of the street estimates.
Key profitability parameters for the current quarter were muted mainly owing to higher operating expenses (up 9.4% yoy to Rs342.7cr).
Net tax expenses increased 13.9% yoy to Rs21.6cr in Q3FY19 vs. Rs19cr in Q3FY18.
Abrasives business for the quarter grew 5.1% yoy to Rs234.5cr, while EBIT declined by 6.4% yoy to Rs31.3cr. As a result, EBIT margin declined from 15% in Q3FY18 to 13.3% in Q3FY19.
Ceramics & Plastics witnessed a strong growth of 24.3% yoy to Rs132.1cr for the current quarter. EBIT increased by 20.1% yoy to Rs19.1cr, while margin softened to 14.5% (15% in Q3FY18).
Other income jumped 61.4% yoy to Rs11.1cr for the current quarter as compared to Rs6.9cr for the same quarter last year.
Grindwell Norton Ltd is currently trading at Rs. 538, down by 4.05 points or 0.75% from its previous closing of Rs. 542.05 on the BSE.
The scrip opened at Rs. 540 and has touched a high and low of Rs. 544.80 and Rs. 538 respectively. So far 12,479 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 50 DMA.
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