Grindwell Norton Ltd

About

Grindwell Norton in the business of Abrasives and Refractory Products.

Key Points

GNO offers the widest range of cutting-edge Abrasive products to the Indian market. While the vast majority of these products are made by GNO in India, some are sourced from other plants of Saint-Gobain or from third parties.

In FY 2019-20 company signed a Joint Venture agreement with Shinagawa Refractories Co. Ltd., Japan and incorporated - SG Shinagawa Refractories India Private Limited to manufacture tap hole clay for the steel industry. Company has invested Rs 11.27 crores in SG Shinagawa Refractories India Private Limited and holds 49% of the equity. The project work has started at
the Halol (Gujarat) site of your Company.

Company generates 60% of turnover from abrasives and rest is from silicon carbide, engineered plastic components, and captive IT development center.

See full details
  • Market Cap 15,747 Cr.
  • Current Price 1,422
  • High / Low 1,511 / 513
  • Stock P/E 57.3
  • Book Value 123
  • Dividend Yield 0.67 %
  • ROCE 23.3 %
  • ROE 18.7 %
  • Face Value 5.00

Pros

  • Company is almost debt free.
  • Company is expected to give good quarter
  • Company has delivered good profit growth of 18.67% CAGR over last 5 years
  • Company has been maintaining a healthy dividend payout of 43.07%

Cons

  • Stock is trading at 11.54 times its book value
  • The company has delivered a poor sales growth of 7.32% over past five years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
417 395 405 411 392 410 366 232 439 458 509 439
346 331 338 341 327 341 306 213 345 360 396 353
Operating Profit 71 64 68 70 65 69 60 20 94 98 113 87
OPM % 17% 16% 17% 17% 17% 17% 16% 8% 21% 21% 22% 20%
Other Income 5 11 11 11 10 9 10 26 8 5 12 14
Interest 0 0 1 1 1 1 1 1 1 1 1 1
Depreciation 11 12 11 14 15 15 14 13 14 14 14 14
Profit before tax 64 63 66 66 60 63 54 32 87 88 110 86
Tax % 37% 34% 35% 35% 13% 25% 23% 12% 26% 26% 28% 26%
Net Profit 40 41 42 43 52 46 41 28 64 66 81 64
EPS in Rs 3.64 3.73 3.83 3.86 4.70 4.18 3.74 2.57 5.81 5.96 7.27 5.80

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021 TTM
702 797 906 947 966 1,135 1,151 1,263 1,431 1,598 1,580 1,638 1,845
587 659 745 794 821 954 966 1,070 1,183 1,326 1,315 1,314 1,454
Operating Profit 115 137 161 153 145 181 184 193 248 272 265 324 391
OPM % 16% 17% 18% 16% 15% 16% 16% 15% 17% 17% 17% 20% 21%
Other Income 38 10 11 10 12 17 22 31 26 35 40 51 39
Interest 3 3 3 3 3 3 2 2 2 2 4 3 3
Depreciation 22 21 21 24 32 42 43 42 45 45 58 54 56
Profit before tax 129 123 148 136 122 154 161 180 227 260 243 317 371
Tax % 33% 33% 31% 28% 31% 32% 34% 33% 34% 35% 24% 25%
Net Profit 86 84 103 97 84 103 105 119 150 167 183 239 275
EPS in Rs 7.80 7.55 9.30 8.79 7.58 9.32 9.51 10.78 13.53 15.10 16.48 21.60 24.84
Dividend Payout % 38% 40% 35% 37% 43% 35% 34% 37% 37% 40% 46% 44%
Compounded Sales Growth
10 Years:7%
5 Years:7%
3 Years:5%
TTM:32%
Compounded Profit Growth
10 Years:11%
5 Years:19%
3 Years:19%
TTM:64%
Stock Price CAGR
10 Years:28%
5 Years:34%
3 Years:41%
1 Year:171%
Return on Equity
10 Years:16%
5 Years:16%
3 Years:16%
Last Year:19%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
28 28 28 28 28 28 28 55 55 55 55 55
Reserves 328 373 434 489 530 588 735 838 935 1,043 1,132 1,309
Borrowings 26 21 19 22 16 15 15 8 0 -0 -0 -0
179 205 263 245 259 309 311 309 349 347 404 497
Total Liabilities 561 626 743 784 833 940 1,089 1,210 1,339 1,445 1,592 1,862
226 227 232 327 375 360 350 368 342 345 385 370
CWIP 8 13 85 62 6 7 14 6 25 43 29 24
Investments 34 36 28 31 35 35 135 145 171 183 583 713
293 351 398 364 418 538 590 690 802 875 595 755
Total Assets 561 626 743 784 833 940 1,089 1,210 1,339 1,445 1,592 1,862

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
104 83 119 104 106 106 139 170 134 85 318 331
-41 -25 -96 -81 -26 -30 -38 -40 -41 -54 -442 -230
-19 -45 -44 -41 -51 -46 -102 3 -60 -68 -95 -95
Net Cash Flow 44 13 -22 -18 29 29 -0 133 32 -37 -220 7

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Mar 2021
Debtor Days 44 42 38 37 34 42 42 37 45 47 47 45
Inventory Days 122 147 162 140 163 171 190 162 159 169 155 163
Days Payable 74 63 69 52 62 67 62 109 114 93 116 158
Cash Conversion Cycle 93 126 132 125 135 145 171 89 90 123 87 50
Working Capital Days 24 34 28 34 40 44 60 51 54 74 50 36
ROCE % 35% 32% 34% 27% 22% 25% 22% 21% 23% 23% 20% 23%

Shareholding Pattern

Numbers in percentages

Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020 Mar 2021 Jun 2021
58.36 58.33 58.33 58.32 58.32 58.32 58.32 58.32 58.32 58.32 58.32 58.32
4.59 4.40 4.36 4.35 4.42 4.11 3.99 3.84 3.79 3.92 4.24 4.57
14.54 15.18 15.37 15.51 15.71 16.26 16.58 16.21 16.34 16.26 16.12 17.43
22.51 22.09 21.94 21.81 21.55 21.31 21.11 21.63 21.55 21.50 21.31 19.68

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