Carborundum Universal's consolidated Q1 net up 56.3%

: Carborundum Universal Ltd, engaged in manufacturing of abrasives, electro minerals, industrial ceramics, has recorded a 56.3 per cent rise in its net profits on a consolidated basis for the quarter ending June 30, 2018 at Rs 65.29 crore.

The city-based Murugappa Group company, recorded consolidated net profits at Rs 41.77 crore during the corresponding quarter of previous year.

For the full year ending March 31, 2018 consolidated total income was at Rs 219.59 crore.

Consolidated total income for the April-June 2018 quarter grew to Rs 644.82 crore, from Rs 557.48 crore registered during the year-ago period.

For the year ending March 31, 2018 consolidated total income stood at Rs 2,418.09 crore.

In a BSE filing, the company said, on consolidated basis, the sales without excise duty for the quarter ending June 30, 2018 grew by 22 per cent, to Rs 626 crore from Rs 512 crore registered during same quarter of last year "on account of better performance from all the business segments".

"Consolidated segmental profitability for the quarter (ending June 30, 2018) improved for all the segments on the back of higher volumes", it said.

In the abrasives segment, the company said it registered a revenue of Rs 262 crore, as compared to Rs 218 crore registered during year-ago period on a consolidated basis.

Electro minerals business, registered revenues of Rs 239 crore for the quarter ending June 30, 2018 as compared to Rs 202 crore registered during corresponding quarter of previous year.

The ceramics business witnessed a 32 per cent rise in the revenues to Rs 145 crore for the quarter ending June 30, 2018 (from Rs 110 crore registered same period of last year) on account of improvement in volumes from standalone business.

The company said the Board at its meeting held today approved the appointment of Jagannathan Chakravarthi Narasimhan as the Chief Financial Officer with immediate effect.

Shares of Carborundum Universal Ltd were trading at Rs 380.10 apiece, up by 2.79 per cent over the previous close in BSE.