Carborundum Universal Q4 results: Net profit declines to Rs 142.56 crore

Abrasives manufacturer Carborundum Universal Ltd (CUMI) has recorded a consolidated net profit of Rs 142.56 crore for the January-March 31, 2024 quarter, the company said.

The city-based company part of the diversified conglomerate Murugappa Group had registered a consolidated net profit of Rs 148.79 crore during the corresponding period of last year.

For the year ending March 31, 2024, the consolidated net profit stood at Rs 476.18 crore as against Rs 441.70 crore registered a year ago.

The consolidated total income during the quarter under review stood at Rs 1,213.73 crore, as against Rs 1,219.43 crore registered in the same period of last year.

For the year ending March 31, 2024, the consolidated total income grew to Rs 4,778.84 crore, from Rs 4,731.01 crore registered in the same period last year.

In a statement, the company said, "FY24 consolidated sales were lower compared to last year mainly due to depreciation of Rouble against Indian Rupee in comparison with FY23 average rate. Excluding the exchange rate impact, the growth is at 7 percent. Consolidated sales for the quarter ending March 31, 2024, saw a growth of 4.7 per cent over Q3 of FY24 (sequentially) and is flat compared to the corresponding period of last year.", the company said.

Profit after tax was at Rs 135 crore with a growth of 21 per cent over Q3 of FY24. "When compared to Q4 of FY23, there is a growth of 20.2 per cent after removing an exceptional income of Rs 25 crore accounted in Q4 of FY23", the company said.

The Board of Directors has recommended a final dividend of Rs 2.50 per share to the shareholders.

The company had earlier paid an interim dividend of Rs 1.50 per share, aggregating to a total dividend of Rs 4 per share (400 per cent on face value of Re 1 per share), the statement added.