Carborundum Universal consolidated Apr-June qtr net Rs 51.40cr

Carborundum Universal Ltd, a part of city-based Murugappa group, Wednesday said it clocked net profits at Rs 51.40 crore for the quarter ending June 30, 2019.

The company had recorded net profits at Rs 65.29 crore registered during year ago period.

For the year ending March 31, 2019, net profits of the company stood at Rs 247.60 crore.

Total income from operations for the April-June 2019 quarter grew to Rs 676.30 crore from Rs 644.82 crore registered year ago.

For the full year ending March 31, 2019, total income from operations was at Rs 2,716.20 crore.

On the financial performance, the company said consolidated segmental profitability was impacted by lower margins across segments and lower volumes in abrasives.

The company, at a consolidated level, spent Rs 38 crore on capital expenditure.

The debt equity ratio was 0.06. cash and cash equivalents net of borrowings was at Rs 114 crore.

In the abrasives business the company said the business saw flat growth in April-June 2019 quarter due to low off-take in the market.

Under the electro-minerals division, segment revenue achieved 11 per cent growth at Rs 264 crore as against Rs 239 crore in same period of last year.

"Growth was driven by performance of the Russian entity", it said.

Ceramics business witnessed revenues go up by 14 per cent to Rs 165 crore as against Rs 145 crore registered same period of last year.

The company's board recommended the appointment of Soundara Kumar as an independent woman director.