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ICICI Securities Report
Grindwell Norton Ltd. hosted its annual FY22 analyst call in which the management highlighted that although the near-term macro-outlook remains uncertain due to supply chain bottlenecks and geo-political realignments, medium-to-long-term prospects seem promising on the back of visible green shoots in terms of broad-based economic recovery.
During FY10-FY22, Grindwell Norton’s revenues and operating profit grew at 10.8% and 12.4% compound annual growth rates respectively, and the management aims to grow it at a faster pace in coming years.
During FY10- FY22, the company’s product portfolio evolved into niche offerings catering to high-growth end-user industries and addition of products.
Abrasives which contributes ~55% to revenue is expected to double in six years while ceramics and plastics segment (~35% of revenue in FY22) is expected to double at a faster pace in three-four years.
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