Murugappa Group’s Carborundum Universal Q3 sales up 14%

Chennai: Driven by better performance across segments, Carborundum Universal Limited, part of Murugappa Group has announced consolidated net sales increase by 14 percent to Rs 683 crores from Rs 600 crores for Q3 FY 2018-19.
At standalone level, net sales also grew up by 13 percent. Consolidated segmental profitability for the quarter improved for the company’s abrasives and ceramics businesses. The Company, at a consolidated level, spent Rs 71 crore on capital expenditure during the nine-month period. The debt to equity ratio on a consolidated basis was 0.06 as of December 2018.

Cash and cash equivalents net of borrowings was Rs 55 crore indicating the company having surplus cash. On a consolidated basis, profit after tax and non-controlling interest grew by 7 per cent to Rs 58 crore.

The abrasives segment Revenue for the quarter at a consolidated level was Rs 299 crore compared to Rs 270 cr during the corresponding period of last year, thus resulting in a growth of 11 per cent. The electro minerals segment revenue of the company at a consolidated level were higher at Rs 264 cr versus Rs 228 cr for Q 3 of last year, resulting in a growth of 16 per cent.
However, profit before interest and tax decreased to Rs 28 cr from Rs 34 cr due to losses in Foskor Zirconia and non-operation of Maniyar Hydel Power Plant in Kerala, affected due to flooding.
The Board of Directors of the Company at its meeting held on 1 Feb 2019 have declared an interim dividend of Rs 1.50 per share (150 per cent on face value of Re 1) to the shareholders of the company.

NT Bureau