Buy Grindwell Norton, target price Rs 1908: ICICI Direct

ICICI Direct has buy call on Grindwell Norton with a target price of Rs 1908. The current market price of Grindwell Norton is Rs 1711.55. Time period given by analyst is one year when Grindwell Norton Ltd. price can reach defined target.

Grindwell Norton Ltd., incorporated in the year 1950, is a Mid Cap company (having a market cap of Rs 18943.08 Crore) operating in Industrial Consumables sector.

Grindwell Norton Ltd. key Products/Revenue Segments include Abrasives, Ceramics & Plastics, Service Income, Others, Other Operating Revenue for the year ending 31-Mar-2021.



Financials
For the quarter ended 31-03-2022, the company has reported a Consolidated Total Income of Rs 570.43 Crore, up 9.89 % from last quarter Total Income of Rs 519.09 Crore and up 9.44 % from last year same quarter Total Income of Rs 521.24 Crore. Company has reported net profit after tax of Rs 90.19 Crore in latest quarter.

Investment Rationale
Going forward, accelerated growth in performance plastics & ceramics and exports are expected to drive long term incremental growth

Promoter/FII Holdings
Promoters held 58.08 per cent stake in the company as of 31-Mar-2022, while FIIs owned 7.05 per cent, DIIs 15.7 per cent.