Carborundum Universal Q2 net more than doubles to Rs 39 crore

CHENNAI: Murugappa group company Carborundum Universal today reported doubling of its profits to Rs 38.99 crore for the second quarter ended September 30.

The Chennai-based company had registered a net profit of Rs 17.07 crore during the corresponding period of the previous fiscal, Carborundum Universal said in a regulatory filing.

For the six-month period ending September 30, consolidated net profit grew by 62.5 per cent to Rs 72.24 crore from Rs 44.43 crore registered a ago period.

The consolidated total income for the July-September quarter stood at Rs 520.93 crore as against Rs 547.95 crore in the previous year.

For the half-year period, consolidated total income from operations rose to Rs 1,016.72 crore from 1,069.85 crore during same period of the last fiscal.

The company said the drop in sales on year-on-year basis was largely due to "nil" sales in company-owned Thukela Refractories as business was being re-located and adverse movement in currency.

"Sequentially sales, however, became better owing to improvement in volumes in standalone business," it said.

The abrasives division sales registered growth for both year-on-year and quarter-on-quarter basis.

The company's debt equity ratio continues to be at 0.11 on a standalone basis and 0.30 on a consolidated basis, it said.