The management expects V-shape demand recovery as COVID-19 restrictions reverse.
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Grasim Industries share price jumped 4 percent intraday on May 26 after the company declared its Q4 results. The Aditya Birla Group firm reported a 13.3 percent rise in its consolidated net profit to Rs 2,616.64 crore for the fourth quarter ended March 31.
The company had posted a net profit of Rs 2,309.41 crore during the January-March quarter of the previous financial year, Grasim Industries said in a regulatory filing.
Its revenue from operations during January-March 2021 jumped 26.1 percent to Rs 24,398.92 crore, compared with Rs 19,349.54 crore in the year-ago period.
There was a “strong operational and financial performance by all the businesses in Q4FY21”, said Grasim Industries in a post-earnings statement.
The stock was trading at Rs 1,429.70, up Rs 55.45, or 4.03 percent at 11:09 hours. It has touched an intraday high of Rs 1,432.00 and an intraday low of Rs 1,381.90.
Domestic brokerage and research firm Sharekhan has retained buy on Grasim with an unchanged target of Rs 1,680 per share led by a strong growth outlook for standalone business and for UltraTech.
It is of the view that Q4 performance was strong, on the back of robust OPM in the viscose business led by a higher realisation, higher demand and input cost benefits. The company has planned a Rs 2,604 crore capex in FY2022 towards expansion in VSF, chlor-alkali and e-poxy. The management expects V-shape demand recovery as COVID-19 restrictions reverse.
Research firm Motilal Oswal has maintained its neutral stance on the stock with a target of Rs 1,475 per share.
The research firm has cut its FY22E/FY23E standalone EBITDA by 7 percent/17 percent to factor in a weak margin outlook for the Chemical business. The holding company discount of 44 percent is in line with its 10-year average of 48 percent, it said.
ICICI Securities has a buy call on Grasim Industries with a target price of Rs 1,460. It has raised its FY22-23E EBITDA by 4-6 percent, and coupled with the recent run-up in stock prices of its various holdings, has increased its target price to Rs 1,460 per share based on 7x FY23E EV/E.
Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol advises users to check with certified experts before taking any investment decisions.
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