Grindwell Norton rises after Q2 PAT jumps 25% YoY despite higher expenses

2 Nov 2022 , 02:10 PM

The Abrasives segment recorded revenues of Rs 319.04 crore (up 4% YoY), Cermaics & Plastics revenue was Rs 272.57 crore (up 65% YoY), IT Services revenue was Rs 36.45 crore (up 9% YoY) and Others revenue was Rs 16.50 crore (up 90% YoY) in the second quarter. Total expenses rose by 24% to Rs 529.23 crore in Q2 FY23 over Q2 FY22, due to higher raw material costs (up 27% YoY), higher other expenses (up 29% YoY), higher stock-in-trade purchases (up 20% YoY) and higher employee expenses (up 16% YoY). Profit before tax in Q2 FY23 stood at Rs 119.84 crore, up by 24% from Rs 96.78 crore in Q2 FY22. Grindwell Nortons businesses include abrasives, ceramic materials businesses (silicon carbide and performance ceramics & refractories), performance plastics and ADFORS. The companys subsidiary, Saint-Gobain Ceramic Materials Bhutan, manufactures silicon carbide. The Group currently holds 51.66% of the equity capital of GNO. The Saint-Gobain Group currently holds 51.66% of the equity capital of GNO.Powered by Capital Market – Live News