Four Directors at Grasim Industries Ltd sold after exercising options/sold 34,625 shares at between 1,674.659INR and 1,683.039INR. The significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trad...
The independent financial analyst theScreener just downgraded the general evaluation of GRASIM INDUSTRIES (IN), active in the Building Materials & Fixtures industry. As regards its fundamental valuation, the title loses a star(s) and now shows 1 out of 4 stars. Its market behaviour is also negatively reassessed and may be considered as moderately risky. theScreener believes that this double requalification keeps the title under pressure and justifies an overall rating downgrade to Neutral. As of...
GRASIM: Strong demand outlook, margin should improve in 2HFY22 (GRASIM IN, Mkt Cap USD16.4b, CMP INR1858, TP INR2035, 10% Upside, Neutral) Beat in VSF business cushions margin miss in the Chemicals business Grasim’ 2QFY22 operating profit was 7% below our estimate due to lower profits in the Chemical segment (OPM down 4.9pp QoQ v/s our estimate of a 1.3pp improvement). Volume/EBITDA was 10%/16% above our estimate. The management said the impact of price hikes will be felt in 2HFY22 an...
GRASIM: Higher VSF exports cushion weak domestic demand (GRASIM IN, Mkt Cap USD13.3b, CMP INR1498, TP INR1590, 6% Upside, Neutral) GRASIM’s 1QFY22 result surprised positively on EBITDA margin, which came in at 19.7% (est. 17.2%), driven by sustained cost reduction and better realization in the Chemicals business. EBITDA stood at INR7.4b v/s a loss of INR2.3b in 1QFY21. We raise our FY22E/FY23E standalone EBITDA by 18%/6% to factor in an improved demand outlook and better margin for both ...
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Summary S. Kumars Nationwide Ltd - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights S. Kumars Nationwide Ltd (SKNL) is an Indian based textile and apparels manufacturing company specialized with multi-fibred production. The company caters to fabrics, apparels and hom...
Grasim: Margin deteriorates further on lower prices (GRASIM IN, Mkt Cap USD7b, CMP INR759, TP INR775, 2% Upside, Neutral) Both VSF and Chemicals businesses in a downcycle GRASIM’s results highlight the significant pressure in its standalone business due to the downcycle in both its Viscose and Chemicals businesses, which reported the weakest margins in the last 17 quarters. We cut our consol. FY20/21 estimate by 13% and maintain our Neutral Moreover, potential investments in the telecom...
GRASIM INDUSTRIES: Miss on margins led by weak VSF and Chemical profitability (GRASIM IN, Mkt Cap USD6.7b, CMP INR734, TP INR740, 1% Upside, Neutral) 2QFY20 standalone revenue declined 6% YoY to INR48b (in-line). EBITDA declined 38% YoY to INR6.6b (v/s est. INR9.1b); margins contracted 7pp YoY to 13.7%. Adj. PAT was down 36% YoY to INR5.3b (in-line). VSF segment: Volumes increased 3% YoY with revenues down 7% YoY to INR24b; EBITDA declined 34% YoY to INR3.8b due to fall in domestic reali...
GRASIM INDUSTRIES: Margins impacted by weak VSF profitability (GRASIM IN, Mkt Cap USD6.8b, CMP INR735, TP INR820, 12% Upside, Neutral) 1QFY20 standalone revenue increased 4% YoY to INR50b (v/s est. INR55b). EBITDA declined 20% YoY to INR8.4b (v/s est. INR9.4b); margins contracted 5pp YoY to 16.9%. During the quarter, GRASIM impaired its investment of INR3b in its associate, Aditya Birla Idea Payment Bank Limited (ABIPBL), which has been disclosed as an exceptional Item. Adj. PAT for 1QFY2...
Grasim Industries: Input cost pressures dent margins; multiple expansions in process (GRASIM IN, Mkt Cap USD8.6b, CMP INR908, TP INR960, 6% Upside, Neutral) Profitability impacted by higher costs: Standalone revenue increased 16% YoY to INR53.5b (in-line) in 4QFY19, driven by VSF (+18% YoY) and Chemical (+17% YoY) segments. EBITDA grew 6% YoY to INR8.9b (our estimate: INR10.7b), with the margin contracting 1.5pp YoY to 16.8% due to higher cost.. PBT after exceptional items stood at INR6.7...
Grasim Industries: Margins decline for VSF, but improve for chemical segment (grasim IN, Mkt Cap USD6.9b, CMP INR753, TP INR836, 11% Upside, Neutral) Profitability impacted by VSF: Standalone revenues increased 21% YoY to INR52.9b (v/s our estimate of INR49b), led by VSF (+20% YoY) and Chemical (+19% YoY) segments. EBITDA grew 18% YoY to INR10.5b (v/s our estimate of INR9.9b), with margin contracting 0.4pp YoY (-1pp QoQ) to 19.9%. PBT stood at INR 8.8b (+21% YoY; v/s our est. of INR10.4b)...
Grasim Industries: Earnings loss attributed to exceptional item related to investment in Vodafone-Idea (GRASIM IN, Mkt Cap USD7.4b, CMP INR808, TP INR895, 11% Upside, Neutral) Healthy standalone performance: Standalone revenue increased 27% YoY to INR51.2b (our estimate: INR42.5b) in 2QFY19, led by VSF (+23% YoY) and Chemical (+38% YoY) segments. EBITDA grew 36% YoY to INR10.7b (our estimate: INR9.5b), with the margin expanding 1.46pp YoY (-1.1pp QoQ) to 20.9%. PBT before extraordinary it...
Grasim Industries: Chemical segment drive profits (GRASIM IN, Mkt Cap USD10.3b, CMP INR1047, TP INR1122, 7% Upside, Neutral) Strong realization drives profits: Standalone 4QFY18 revenue stood at INR46b, led by 15% YoY revenue growth in the VSF segment and 35% YoY growth in the Chemical segment. EBITDA stood at INR8.5b (est. of INR8.7b), with the margin at 18.3% (flat YoY; -2pp QoQ). Tax rate was at 24.5% v/s 27% in 4QFY17, leading to adj. PAT of INR5.4b (est. of INR5b). VSF - realization...
​Grasim Industries: Margin improvement in VSF and Chemical segments; YoY/QoQ numbers not comparable due to merger of ABNL(GRASIM IN, Mkt Cap USD12.2b, CMP INR1209, TP INR1302, 8% Upside, Neutral)Strong realization drives profits: In 2QFY18, standalone revenue stood at INR40.37b, EBITDA at INR7.85b and PAT at INR6.14b. Realization improved YoY in the VSF and Chemical segments. Tax rate stood at 27.4% v/s 22.2% in the corresponding period last year. VFY EBITDA contribution was ~INR610m for 2QFY1...
​Grasim Industries: Earnings exceed estimates led by better realizations(GRASIM IN, Mkt Cap USD11.0b, CMP INR1109, TP INR1079, 3% Downside, Neutral)Strong realization drives profits: Standalone 1QFY18 EBITDA rose 9% YoY (+6% QoQ) to INR5.55b, translating into a margin of 20.3% (+2pp QoQ, -0.93pp YoY), led by realization improvement in the VSF segment. Revenue grew 14.4% YoY to INR27.4b, while PAT rose 8% YoY to INR3.47b, driven by lower interest and depreciation expense. VSF - Realization upti...
​Grasim Industries: VSF margins impacted by cost push(GRASIM IN, Mkt Cap USD8.1b, CMP INR1121, TP INR1234, 10% Upside, Neutral)Strong realization drives profits: Standalone 4QFY17 EBITDA rose 37% YoY (-3.5% QoQ) to INR5.25b, translating into a margin of 18.3% (-2.24pp QoQ, +1.1pp YoY), led by realization improvement in the VSF segment. Revenue grew 13% YoY to INR28.7b, while PAT rose 73% YoY to INR3.15b on lower interest and depreciation expense.VSF - realization uptick drives profits: VFS rev...
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