reports
MOSL: GRASIM INDUSTRIES (Neutral)-Gaining scale via capacity addition-...
Grasim Industries: Gaining scale via capacity addition; Value-added products to drive margin improvement (GRASIM IN, Mkt Cap USD10.7b, CMP INR1059, TP INR1187, 12% Upside, Neutral) Grasim Industries (GRASIM) is likely to gain scale in the VSF (increasing capacity by ~58% over FY18-21) and Chemicals (increasing capacity by ~37% over FY17-19) segments by way of capacity addition. VSF demand in India is likely to grow at ~8% over FY17-22 – around 200bp higher than the global growth rate – d...
MOSL: GRASIM INDUSTRIES (Neutral)-Margin improvement led by chemicals ...
Grasim Industries: Margin improvement led by chemicals segment (GRASIM IN, Mkt Cap USD8.2b, CMP INR1127, TP INR1242, 10% Upside, Neutral) Strong ECU realization drives profits: Standalone 3QFY18 revenue came in at INR44b (est. of INR30.2b), led by a healthy performance from the chemicals business. EBITDA stood at INR8.7b (est. of INR7.8b), with PAT of INR4.7b (est. of INR4.7b). Tax rate was 35% v/s 31% in 3QFY17. VSF – margins contract on account of cost push: Volumes increased 9% YoY o...
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