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Grindwell Norton Ltd. has reported strong 42% YoY growth over a low base, which is better than expectations.
Margins have improved both under abrasives and ceramics segment leading to 86% YoY growth in adjusted profit after tax.
Cash from operations has also witnessed healthy improvement supporting the overall cash balance.
Improvement in overall utilisation of the domestic industry along with demand from healthcare and chemicals is likely to support growth.
Factoring in better-than-expected growth and margins, we raise FY22E and FY23E earnings by 9% and 11.5%, respectively.
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