Daily

Grasim Q1FY20 Result Update



Grasim Industries came out with stable set of results in Q1FY20. Though optically numbers looked weak due to impairment loss of Rs 290 cr, taken on its investment in Aditya Birla Idea Payment Bank. Standalone revenue grew 4.4% YoY/-6.6% QoQ to Rs 5001 cr while EBITDA witnessed a decline of 21.8%YoY/6.1% QoQ to Rs 844 cr. EBITDA margin was stable at 16.9% on QoQ basis (+8bps) though on YoY basis margin contracted 565bps YoY. Adjusted PAT for the quarter (adjusted for payment bank impairment) stood at Rs 492 cr, a de-growth of 8.2% QoQ and 23.5% YoY. We remain positive on Grasim Industries from longer term perspective, and believe after recent steep correction, the stock is looking undervalued at current market price. Maintain Buy with a revised Target Price of Rs 965.


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