Add Grasim Industries, target price Rs 2,731: ICICI Securities
Grasim Industries with a target price of Rs 2731. The current market price of Grasim is Rs 2519.25. Grasim Industries, incorporated in 1947, is a Large Cap company with a market cap of Rs 172635.15 crore, operating in a Diversified sector.
Grasim Industries' key products/revenue segments include Cement, Other Operating Revenue, Scrap, Export Incentives and Sale of services for the year ending 31-Mar-2024.
Financials For the quarter ended 30-09-2024, the company has reported a Consolidated Total Income of Rs 33958.21 crore, down -.59 % from last quarter Total Income of Rs 34160.77 crore and up 11.32% from last year same quarter's Total Income of Rs 30505.27 crore. The company has reported net profit after tax of Rs 1014.26 crore in the latest quarter.
Investment Rationale
Grasim Industries (Grasim) Q2FY25 EBITDA, at Rs 3.25 billion, slipped 45% YoY (flat QoQ; being 35% below our forecast) due to 1) higher-than-estimated loss for its new business of paints and b2b e-commerce; 2) loss in textiles and insulators business; and 3) lower-than-expected profitability for chemicals. However, on the brighter side, ramp-up of the new paints business was heartening. In just the second quarter, post its maiden foray, paints? revenues are estimated to have reached ~ Rs 4 billion vs. ICICI Securities' estimate of Rs 810 million in Q1FY25.
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