Grindwell Norton Limited

rs,

aza, Bandra Kurla Complex Bandra (East), Mumbai 400 051 Symbol: GRINDWELL BSE Limited P.J. Towers, Dalal Street Mumbai 400 001 Scrip Code No. 506076 Dear Sirs, Sub: Analyst/ Institutional Inves

16.4%

ver Ratio Return on Capital Employed Return on Business Assets Net Cash Flow from Operations (CFO) 16.4% 1.44 23.6% 36.6% 85 1454 229 228 151 1431 16.0% 1.43 22.8% 37.3% 134 9.9% 14.4% 14.2% 11.7%

23.6%

urn on Capital Employed Return on Business Assets Net Cash Flow from Operations (CFO) 16.4% 1.44 23.6% 36.6% 85 1454 229 228 151 1431 16.0% 1.43 22.8% 37.3% 134 9.9% 14.4% 14.2% 11.7% 11.7% ~ S

36.6%

Capital Employed Return on Business Assets Net Cash Flow from Operations (CFO) 16.4% 1.44 23.6% 36.6% 85 1454 229 228 151 1431 16.0% 1.43 22.8% 37.3% 134 9.9% 14.4% 14.2% 11.7% 11.7% ~ SAINT·G

16.0%

ss Assets Net Cash Flow from Operations (CFO) 16.4% 1.44 23.6% 36.6% 85 1454 229 228 151 1431 16.0% 1.43 22.8% 37.3% 134 9.9% 14.4% 14.2% 11.7% 11.7% ~ SAINT·GOBAIN Revenue from Operations br

22.8%

t Cash Flow from Operations (CFO) 16.4% 1.44 23.6% 36.6% 85 1454 229 228 151 1431 16.0% 1.43 22.8% 37.3% 134 9.9% 14.4% 14.2% 11.7% 11.7% ~ SAINT·GOBAIN Revenue from Operations bridge ' Ap

37.3%

Flow from Operations (CFO) 16.4% 1.44 23.6% 36.6% 85 1454 229 228 151 1431 16.0% 1.43 22.8% 37.3% 134 9.9% 14.4% 14.2% 11.7% 11.7% ~ SAINT·GOBAIN Revenue from Operations bridge ' Apr-Mar

9.9%

Operations (CFO) 16.4% 1.44 23.6% 36.6% 85 1454 229 228 151 1431 16.0% 1.43 22.8% 37.3% 134 9.9% 14.4% 14.2% 11.7% 11.7% ~ SAINT·GOBAIN Revenue from Operations bridge ' Apr-Mar 18* Rs. 14

14.4%

tions (CFO) 16.4% 1.44 23.6% 36.6% 85 1454 229 228 151 1431 16.0% 1.43 22.8% 37.3% 134 9.9% 14.4% 14.2% 11.7% 11.7% ~ SAINT·GOBAIN Revenue from Operations bridge ' Apr-Mar 18* Rs. 1431 In

14.2%

(CFO) 16.4% 1.44 23.6% 36.6% 85 1454 229 228 151 1431 16.0% 1.43 22.8% 37.3% 134 9.9% 14.4% 14.2% 11.7% 11.7% ~ SAINT·GOBAIN Revenue from Operations bridge ' Apr-Mar 18* Rs. 1431 Increase

11.7%

16.4% 1.44 23.6% 36.6% 85 1454 229 228 151 1431 16.0% 1.43 22.8% 37.3% 134 9.9% 14.4% 14.2% 11.7% 11.7% ~ SAINT·GOBAIN Revenue from Operations bridge ' Apr-Mar 18* Rs. 1431 Increase Rs.16

Rs. 1431

9.9% 14.4% 14.2% 11.7% 11.7% ~ SAINT·GOBAIN Revenue from Operations bridge ' Apr-Mar 18* Rs. 1431 Increase Rs.167 crores (+11.7%) ► Apr-Mar 19 Rs. 1598 (Rs. Crores) 75 8 1,598 PCR 29.3% P

“2005 to 2018-19 : 12.6% • • • • CAGR (2005 to 2018-19): - Domestic: 12.4% - Exports: 13.8% Note - From 15-16, sales are as per IND AS.”

“2005 to 2018-19 : 13.0% CAGR 2005 to 2018-19: - Abr.”

“- 2005 to 2018-19: 13.0% GNO PAT CAGR 2005 to 2018-19: 12.8% - (1) 2018-19 : PBIT growth: 14.5% ; PAT growth: 12% (2) 2007 PBIT & PAT are excluding a one time extra-ordinary gain of Rs 77 crores arising out of sale of shareholding in Lincoln Helios (India) Ltd.”

GNO Total Sales CAGR

2

GNO Op. Profit CAGR

2

GNO Total Sales CAGR

2005 to 2018-19 : 12.6% • • • • CAGR (2005 to 2018-19): - Domestic: 12.4% - Exports: 13.8% Note - From 15-16, sales are as per IND AS. Up to 14-15 sales are as per IGAAP 2018-19: Sales Growth: 10.9%; Domestic growth: 9.8% 9 Source: Annual Reports Export growth: 20.1% ~ SAi NT·GOBAI N 318 373 441 502 562 781 884 915 92310841088118613331,479 285 333 397 434 500 710 813 790 820 946 9571,062 1,184 1,300 33 40 44 68 62 71 71 125 103138131124 149 179 10 260 510 760 1,010 1,260 1,510200520062007200809/1010/1111/1212/1313/1414/1515/1616/1717/1818/19GNO (Total)DomesticExports GNO, ABRASIVES, C&P SALES OF PRODUCTS (NET OF EXCISE UPTO FY 2017-18) (Rs. Crores) (Rs. Crores) -•

GNO Total Sales CAGR

2005 to 2018-19 : 12.6% CAGR 2005 to 2018-19 : - Abrasives : 11.5% - C&P : 16.4% • • • • • • • • • 2018-19: GNO Sales increased by 10.9%; Abrasives by 9.1%; C&P by 17.9% Source: Annual Report 10 ~ SAi NT·GOBAI N 31837344150256278188491592310841088118613331479236 286 330 358 386 545 610 602633737 745 827 887 968 65 77 98 126 152 218 252 251259309 309 316 397 468 - 300 600 900 1,200 1,500200520062007200809/10*10/1111/1212/1313/1414/1515/1616/1717/1818/19GNO (Total)AbrasivesC & P KEY FINANCIAL INDICATORS (Rs. Crores) Key Financials (as published) FY 18-19 FY 17-18 Growth % Revenue from Operations Operating Profit (PBIT) Profit Before Tax Net Profit for the period 1598 262 260 169 Revenue from Operations (net of Excise Duty) 1598 OP margin (on Revenue net of excise) Asset Turnover Ratio Return on Capital Employed Return on Business Assets Net Cash Flow from Operations (CFO) 16.4% 1.44 23.6% 36.6% 85 1454 229 228 151 1431 16.0% 1.43 22.8% 37.3% 134 9.9% 14.4% 14.2% 11.7% 11.7% ~ SAINT·GOBAI

GNO Op. Profit CAGR

2005 to 2018-19 : 13.0% CAGR 2005 to 2018-19: - Abr. : 11.1% C&P : 14.4% • • • • Note - From 15-16, OP is as per IND AS. Up to 14-15 OP was as per IGAAP (Rs. Crores) Source: Annual Reports 16 In FY19, GNO PBIT increased by 14.5%; Abrasives by 7.5%; C&P by 25.0% ~ SAi NT·GOBAI N 54698380981261491391261571641822292623449595261889788781001011121251341314151834344736374442376075-54595145195245200520062007200809/1010/1111/1212/1313/1414/1515/1616/1717/1818/19GNO (Total)AbrasivesC & P GNO PROFITS – OPERATING PROFIT(PBIT) & PAT (Rs. Crores)

GNO Op. Profit CAGR

- 2005 to 2018-19: 13.0% GNO PAT CAGR 2005 to 2018-19: 12.8% - (1) 2018-19 : PBIT growth: 14.5% ; PAT growth: 12% (2) 2007 PBIT & PAT are excluding a one time extra-ordinary gain of Rs 77 crores arising out of sale of shareholding in Lincoln Helios (India) Ltd. (3) 2009/10 PBIT and PAT excludes a one time reversal of provision made towards “wheeling charges” of Rs 7.7 crores (pro-rata for 12 months is Rs 6 crores.) *From 15-16, OP is as per IND AS. Up to 14-15 OP was as per IGAAP 17 ~ ,INT·GOBAIN Source: Annual Reports 54698380981261491391251571641822292623546575564861049784103106121151169050100150200250300200520062007200809/1010/1111/1212/1313/1414/1515/16*16/1717/1818/19PBITPAT GNO PROFITABILITY – ROCE & OP MARGIN (%) ROCE Operating Margin [ I I Source: Annual & Internal Reports Note: Op. Profit is before considering extra-ordinary items. Note - From 15-16, OP & ROCE are as per IND AS. Up to 14-15 OP & ROCE were as per IGAAP SAi NT·GOBAI N 18 29.223.926.829.230.724.920.923.920.119.52