Carborundum Universal reports consolidated net profit of Rs 87 cr in Q3 FY2020-21

2021-02-03

Feb. 2, 2021 - Abrasives manufacturer Carborundum Universal Ltd on Tuesday said it has clocked consolidated net profits of Rs 86.62 crore for the quarter ending December 31, 2020. 

The city-based Murugappa Group company had recorded consolidated net profits of Rs 61.36 crore in the corresponding quarter last year. 

For the nine month period ending December 31, 2020 consolidated net profits went up to Rs 196.88 crore from Rs 181.07 crore registered in the same period last fiscal. 

Total income on a consolidated basis for the quarter under review grew to Rs 738.59 crore as against Rs 653.75 crore in the corresponding quarter of the previous fiscal. 

The consolidated total income for the nine month period ending December 31, 2020 grew to Rs 1,896.57 crore from Rs 2,020. 58 crore during the same period last year. 

The board of directors, at its meeting on Tuesday, declared an interim dividend of Rs 1.50 per share (150 per cent on face value of Re 1) to the shareholders. 

The company said the capital expenditure incurred in the nine month period was at Rs 77 crore while the debt equity ratio was at 0.02 as of December 2020. 

The abrasives business recorded revenues of Rs 303 crore for the quarter under review compared to Rs 263 crore in the same period last year. 

Electro minerals business reported revenues of Rs 290 crore as against Rs 244 crore registered in the same quarter last year. 

The company's subsidiary Foskor Zirconia Ltd, South Africa, registered good growth during the quarter. 

The Ceramics division reported revenues of Rs 160 crore for the quarter ending December 31, 2020 from Rs 152 crore over the same quarter last year. 

The profit before finance costs and tax grew by 15 per cent to Rs 34 crore from Rs 30 crore on the back of operational efficiencies and better product mix, the company said.