Grindwell Norton rises after Q2 PAT jumps 25% YoY despite higher expenses

Grindwell Norton advanced 1.09% to Rs 2164.15 after the company reported 25% rise in consolidated net profit to Rs 90.06 crore on a 24% increase in revenue from operations to Rs 634.66 crore in Q2 FY23 over Q2 FY22.

The Abrasives segment recorded revenues of Rs 319.04 crore (up 4% YoY), Cermaics & Plastics revenue was Rs 272.57 crore (up 65% YoY), IT Services revenue was Rs 36.45 crore (up 9% YoY) and Others revenue was Rs 16.50 crore (up 90% YoY) in the second quarter.

Total expenses rose by 24% to Rs 529.23 crore in Q2 FY23 over Q2 FY22, due to higher raw material costs (up 27% YoY), higher other expenses (up 29% YoY), higher stock-in-trade purchases (up 20% YoY) and higher employee expenses (up 16% YoY).

Profit before tax in Q2 FY23 stood at Rs 119.84 crore, up by 24% from Rs 96.78 crore in Q2 FY22.

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 Group currently holds 51.66% of the equity capital of GNO. The Saint-Gobain Group currently holds 51.66% of the equity capital of GNO.

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