Quarterly Results: Grindwell Norton Ltd

Technical View: 

Grindwell Norton Ltd., is currently trading at Rs. 330, up by 0.35 points or 0.11% from its previous closing of Rs. 329.65 on the BSE.

The scrip opened at Rs. 327 and has touched a high and low of Rs. 334 and Rs. 325.45 respectively. So far 7106 (NSE+BSE) shares were traded on the counter. The stock is currently trading below its 200 DMA.

Consolidated Results Q2FY17: (Rs. in crore)


***EBITDA margin change is bps

Grindwell Norton’s Q2FY17 consolidated numbers have come in mixed versus Bloomberg estimates. Revenue for the quarter was 2.2% higher than the estimated figure of Rs 329 cr. Reported net profit for the period has come in 1% lower than the estimated figure of Rs 30 cr.

Net revenue for the quarter has come in at Rs 336 cr, which was higher by 12.8% yoy.

Reported EBITDA has risen by 9.5% yoy to Rs 46 cr while EBITDA margins have contracted by 40 bps yoy to 13.7%. This was due to a 22.8% yoy spurt in other expenses.

Net profit has risen 16% yoy to Rs 29 cr led by a 40.9% yoy increase in other income and 42% drop in finance costs.