Buy Grasim Industries Ltd For Target Rs. 3,210 by Motilal Oswal Financial Services Ltd
* Revenue for VSF/Chemical segments is expected to increase 13%/14% YoY.
* EBITDA for the VSF segment is expected to grow 25% YoY and OPM is expected to expand 1.2pp YoY to ~12%.
* The Chemical segment’s EBITDA is expected to increase 34% YoY and OPM is likely to expand 2.3pp YoY to ~16%.
* Standalone revenue is estimated to grow ~30% YoY. EBITDA is likely to decline 11% YoY to INR4.6b due to loss in highgrowth businesses. OPM is estimated at 5.6%.
* Interest/depreciation are estimated to increase ~41% YoY (each). Adjusted profit is expected to decline 99% YoY to INR14m.
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