Carborundum Universal Ltd Net profit increased by 36.9% in Q1FY24

by Trade Brains | Aug 3, 2023 | 1:39 pm | Company Results, News | 0 comments

As a tripartite partnership between the Murugappa Group, Carborundum Inc. in the USA, and the Universal Grinding Wheel Co. Ltd. in the UK, Carborundum Universal Limited (CUMI) was established in 1954. Carborundum Universal sells abrasives, electro minerals, and ceramics for 380 million dollars.

The company produces nearly 20,000 different product variants at 25 different facilities in 25 different countries, including India, Russia, South Africa, Australia, China, Thailand, and Canada. 43 nations throughout the world receive CUMI’s exports of goods. For quality standards and environmentally responsible production processes, CUMI’s manufacturing facilities are all ISO 9001:2015 and ISO 14001:2015 certified.

Abrasives and industrial ceramics-maker Carborundum Universal Ltd (CUMI) has reported a net profit of Rs 117.76 crore for the April-June 2023 quarter up by 36.9 per cent on account of strong growth recorded across business verticals, the company said on Wednesday.

The Chennai-based company, part of the diversified conglomerate Murugappa Group, had registered a consolidated net profit of Rs 85.99 crore.

For the year ending March 31, 2023, the consolidated net profit was at Rs 441.70 crore.

The consolidated total income during the April-June 2023 quarter grew to Rs 1,234.13 crore from Rs 1,164.70 crore registered in the corresponding period of last year.

For the full year ended March 31, 2023, the consolidated total income was Rs 4,731.01 crore.

In a statement, the company said consolidated sales for the quarter ending June 30, 2023, increased to Rs 1,191 crore from Rs 1,129 crore recorded in the same period of last year.

This was attributed to strong performance across business segments. On a consolidated basis, profitability for the quarter recorded strong growth across all three segments — abrasives, electro-minerals, and ceramics, the company said.

The capital expenditure during the quarter was Rs 55 crore at the consolidated level. Cash and cash equivalents net of borrowings was at Rs 190 crore, it said.

Under the abrasives segment, the revenue during the quarter under review was almost flat at Rs 519 crore as compared to Rs 513 crore recorded in the same quarter of last year.

Electro-minerals division posted revenue of Rs 418 crore during the April-June 2023 quarter as compared to Rs 406 crore same period of last year.

Revenue from the ceramics division grew by 18 per cent to Rs 287 crore from Rs 243 crore registered in the same period of last year, the company said.

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