Grindwell Norton Q3 PAT rises 15% YoY to Rs 80 cr

Grindwell Norton reported 15% rise in consolidated net profit to Rs 80.19 crore on a 20.32% increase in revenue from operations to Rs 603.88 crore in Q3 FY23 over Q3 FY22.

Profit before tax in Q3 FY23 stood at Rs 108.03 crore from Rs 92.79 crore in Q3 FY22, registering a growth of 16.42% YoY.

The Abrasives segment recorded revenues of Rs 308.89 crore (up 8.98% YoY), Cermaics & Plastics revenue was Rs 245.57 crore (up 39.17% YoY), IT Services revenue was Rs 40.91 crore (up 25.61% YoY) while others revenue was Rs 13.42 crore (down 10.89% YoY) in the quarter under review.

Total expenses rose by 18.42% to Rs 504.45 crore in Q3 FY23 over Q3 FY22, due to higher finance costs (up 373.81% YoY), raw material costs (up 41.33% YoY), higher other expenses (up 15.77% YoY) and higher employee expenses (up 14.2% YoY).

Grindwell Norton's businesses include abrasives, ceramic materials businesses (silicon carbide and performance ceramics & refractories), performance plastics and ADFORS. The company's subsidiary, Saint-Gobain Ceramic Materials Bhutan, manufactures silicon carbide. The Saint-Gobain Group currently holds 51.66% of the equity capital of GNO.

The scrip declined 2.62% to end at Rs 1,976 on the BSE.

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