Visit http://indiaer.blogspot.com/ for complete details Grasim Ind (Rating – Buy; Target Price – Rs2,549)
We expect reported standalone revenue, EBIDTA and PAT to fall 64.1% YoY, 64.9 and 63% to
Rs10,703mn, Rs3713mn and Rs1497mn. The results are not comparable on account of the
demerger of its cement business into a separate subsidiary, Samrudhhi Cements Ltd, which is
merged in Ultratech Cements as part of the business restructuring exercise.
The top line and operating profits are purely from the Viscose Staple Fiber and chemical
businesses. We estimate the VSF business to post a topline of Rs9,468mn (up 11% YoY) and an
EBIDTA of Rs3,390mn (4% YoY decline).
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