NE BUSINESS BUREAU
CHENNAI, OCT 28
The Board of Directors of Carborundum Universal on Wednesday (October 28, 2020) approved the results for the Quarter and Six months ended 30th September 2020.
Financial performance
Consolidated net sales for the quarter, increased by 1 per cent to Rs. 683 Cr from Rs. 678 Cr of the same quarter last year, driven by steady performance across segments. At the standalone level, sales was lower by 2 per cent.
On a consolidated basis, segmental profitability for the Quarter recorded strong growth across all three segments. Profit after tax and non-controlling interest grew by 34% to Rs.86.4 Cr (LY Rs.64.5 Cr).
The capital expenditure incurred during the first half year was Rs.53 Cr. The debt equity ratio was at 0.03 as of September 2020.
Consolidated Segmental Operating Performance
Abrasives
Segment Revenue for the Quarter at a consolidated level was flat at Rs.259 Cr compared to corresponding period of last year. Standalone Abrasives also remained at the same level in comparison to the corresponding quarter of the previous year.
Profit before finance costs and tax increased to Rs.37 Cr from Rs.30 Cr as a result of better cost management.
Electro Minerals
Segment Revenue at a consolidated level was higher at Rs.275 Cr versus Rs.267 Cr from the same Quarter of last year. Subsidiaries Volzhsky Abrasives Works, Russia and Foskor Zirconia Limited, South Africa registered good growth.
Profit before finance costs and tax increased to Rs.40 Cr from Rs.27 Cr on the back of better product mix and cost management in the domestic Electro Minerals Segment as well as consistent performance in Volzhsky Abrasives Works.
Ceramics
Consolidated revenue decreased to Rs.169 Cr from Rs.170 Cr resulting in a marginal decline of 1%.
Profit before finance costs and tax grew by 32%, to Rs.48 Cr from Rs.36 Cr on the back of operational efficiencies and better product mix. Profitability grew across all entities in the Ceramics Segment, a release from the company said.
