Carborundum Universal Q2FY22 Results: Standalone profit at Rs 62.95 cr

Carborundum Universal Ltd has reported a standalone net at Rs 62.95 crore for the quarter ending September 30, 2021, the company said on Tuesday.

The city-based Murugappa Group company had reported standalone net at Rs 50.21 crore during corresponding quarter previous year. For the six-month period ending September 30, 2021, standalone net grew to Rs 126 crore from Rs 60.71 crore registered same period last fiscal.

See Zee Business Live TV Streaming Below:

Total income on a standalone basis grew to Rs 565.36 crore from Rs 438.02 crore registered during the corresponding period of last year. For the half year ending September 30, 2021 standalone total income went up to Rs 1,050.50 crore from Rs 691.41 crore registered in the same period of last year.

In a statement, the company said the sales for the quarter ending September 30, 2021 on a consolidated basis grew by 22 per cent to Rs 834 crore from Rs 683 crore registered during corresponding period of last year, driven by steady performance across business segments.

The capital expenditure incurred during the first half year was Rs 71 crore. The debt equity ratio was 0.018. Cash and cash equivalents including deposits with tenure exceeding three months the net borrowings was at Rs 650 crore.

In October, the company said it acquired 71.99 per cent of equity stake in 'PLUSS Advanced Technologies Pvt Ltd', a wholly owned subsidiary of Pluss Advanced Technologies BV, Netherlands.

PLUSS is a specialty materials research and manufacturing company, involved in the fields of Phase Change Materials (PCM) for thermal energy storage and specialty polymeric additives for enhancing mechanical and barrier properties, the statement said.

The 'abrasives' business reported Rs 325 crore revenue as compared to Rs 259 crore recorded in the same period of last year. The standalone business, domestic subsidiary Sterling Abrasives and Russian subsidiary Volzhsky Abrasives registered 'significant growth', the company said.

'Electro-minerals' division reported Rs 323 crore revenue for the quarter under review as compared to Rs 275 crore in same period of last year.

The ceramics division reported revenues at Rs 210 crore for the quarter ending September 30, 2021 as against Rs 169 crore in same period of last year. The standalone ceramics business 'performed well' despite logistics challenges for exports consignments, the statement added.