Grindwell Norton Ltd

About [ edit ]

Grindwell Norton in the business of Abrasives and Refractory Products.

  • Market Cap 10,125 Cr.
  • Current Price 913
  • High / Low 934 / 369
  • Stock P/E 50.6
  • Book Value 107
  • Dividend Yield 0.82 %
  • ROCE 20.2 %
  • ROE 15.0 %
  • Face Value 5.00

Pros

  • Company is almost debt free.
  • Company has been maintaining a healthy dividend payout of 40.73%

Cons

  • Stock is trading at 8.52 times its book value
  • The company has delivered a poor sales growth of 6.83% over past five years.
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Quarterly Results

Consolidated Figures in Rs. Crores / View Standalone

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
384 381 417 395 405 411 392 410 366 232 439 458
311 312 346 331 338 341 327 341 306 213 345 360
Operating Profit 73 69 71 64 68 70 65 69 60 20 94 98
OPM % 19% 18% 17% 16% 17% 17% 17% 17% 16% 8% 21% 21%
Other Income 6 9 5 11 11 11 10 9 10 26 8 5
Interest 0 0 0 0 1 1 1 1 1 1 1 1
Depreciation 11 11 11 12 11 14 15 15 14 13 14 14
Profit before tax 68 67 64 63 66 66 60 63 54 32 87 88
Tax % 34% 35% 37% 34% 35% 35% 13% 25% 23% 12% 26% 26%
Net Profit 44 43 40 41 42 43 52 46 41 28 64 66
EPS in Rs 3.97 3.91 3.64 3.73 3.83 3.86 4.70 4.18 3.74 2.57 5.81 5.96
Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes Notes

Profit & Loss

Consolidated Figures in Rs. Crores / View Standalone

Dec 2008 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 TTM
502 702 797 906 947 966 1,135 1,151 1,263 1,431 1,598 1,580 1,495
430 581 659 746 795 822 955 967 1,070 1,184 1,326 1,315 1,224
Operating Profit 72 122 137 161 152 144 181 184 193 247 272 265 271
OPM % 14% 17% 17% 18% 16% 15% 16% 16% 15% 17% 17% 17% 18%
Other Income 21 31 10 12 11 13 18 23 31 27 35 40 48
Interest 1 3 3 3 3 3 3 2 2 2 2 4 4
Depreciation 14 22 21 21 24 32 42 43 42 45 45 58 55
Profit before tax 78 129 123 148 136 122 154 161 180 227 260 243 261
Tax % 31% 33% 33% 31% 28% 31% 32% 34% 33% 34% 35% 24%
Net Profit 54 86 84 103 97 84 103 105 119 150 167 183 200
EPS in Rs 4.91 7.80 7.55 9.30 8.79 7.58 9.32 9.51 10.78 13.53 15.10 16.48 18.08
Dividend Payout % 41% 38% 40% 35% 37% 43% 35% 34% 37% 37% 40% 46%
Compounded Sales Growth
10 Years:8%
5 Years:7%
3 Years:8%
TTM:-8%
Compounded Profit Growth
10 Years:8%
5 Years:11%
3 Years:14%
TTM:9%
Stock Price CAGR
10 Years:23%
5 Years:25%
3 Years:21%
1 Year:59%
Return on Equity
10 Years:16%
5 Years:15%
3 Years:15%
Last Year:15%

Balance Sheet

Consolidated Figures in Rs. Crores / View Standalone

Dec 2008 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020 Sep 2020
28 28 28 28 28 28 28 28 55 55 55 55 55
Reserves 280 328 373 434 489 530 588 735 838 935 1,043 1,132 1,131
Borrowings 16 26 21 19 22 16 15 15 8 0 0 0 17
155 179 205 263 245 259 309 311 309 349 347 404 382
Total Liabilities 480 561 626 743 784 833 940 1,089 1,210 1,339 1,445 1,592 1,585
158 226 227 232 327 375 360 350 368 342 345 385 376
CWIP 62 8 13 85 62 6 7 14 6 25 43 29 20
Investments 50 34 36 28 31 35 35 135 145 171 183 583 624
209 293 351 398 364 418 538 590 690 802 875 595 565
Total Assets 480 561 626 743 784 833 940 1,089 1,210 1,339 1,445 1,592 1,585

Cash Flows

Consolidated Figures in Rs. Crores / View Standalone

Dec 2008 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
44 104 83 119 104 106 106 139 170 134 85 318
-37 -41 -25 -96 -81 -26 -30 -38 -40 -41 -54 -442
-21 -19 -45 -44 -41 -51 -46 -102 3 -60 -68 -95
Net Cash Flow -14 44 13 -22 -18 29 29 -0 133 32 -37 -220

Ratios

Consolidated Figures in Rs. Crores / View Standalone

Dec 2008 Mar 2010 Mar 2011 Mar 2012 Mar 2013 Mar 2014 Mar 2015 Mar 2016 Mar 2017 Mar 2018 Mar 2019 Mar 2020
ROCE % 26% 35% 32% 34% 27% 22% 25% 22% 21% 23% 23% 20%
Debtor Days 49 44 42 38 37 34 42 42 37 45 47 47
Inventory Turnover 2.98 3.52 3.46 3.00 3.02 2.84 2.72 2.33 2.44 2.68 2.64 2.52

Shareholding Pattern

Numbers in percentages

Mar 2018 Jun 2018 Sep 2018 Dec 2018 Mar 2019 Jun 2019 Sep 2019 Dec 2019 Mar 2020 Jun 2020 Sep 2020 Dec 2020
58.36 58.36 58.36 58.33 58.33 58.32 58.32 58.32 58.32 58.32 58.32 58.32
4.47 4.51 4.59 4.40 4.36 4.35 4.42 4.11 3.99 3.84 3.79 3.92
14.50 14.39 14.54 15.18 15.37 15.51 15.71 16.26 16.58 16.21 16.34 16.26
22.67 22.75 22.51 22.09 21.94 21.81 21.55 21.31 21.11 21.63 21.55 21.50

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