Carborundum Universal reports consolidated Q3 net at Rs 86.62 cr

Chennai, Feb 2 (PTI): Abrasives manufacturer CarborundumUniversal Ltd on Tuesday said it has clocked consolidated netprofits of Rs 86.62 crore for the quarter ending December 31,2020.

The city-based Murugappa Group company had recordedconsolidated net profits of Rs 61.36 crore in thecorresponding quarter last year.

For the nine month period ending December 31, 2020consolidated net profits went up to Rs 196.88 crore from Rs181.07 crore registered in the same period last fiscal.

Total income on a consolidated basis for the quarterunder review grew to Rs 738.59 crore as against Rs 653.75crore in the corresponding quarter of the previous fiscal.

The consolidated total income for the nine month periodending December 31, 2020 grew to Rs 1,896.57 crore from Rs2,020. 58 crore during the same period last year.

The board of directors, at its meeting on Tuesday,declared an interim dividend of Rs 1.50 per share (150 percent on face value of Re 1) to the shareholders.

The company said the capital expenditure incurred in thenine month period was at Rs 77 crore while the debt equityratio was at 0.02 as of December 2020.

The abrasives business recorded revenues of Rs 303 crorefor the quarter under review compared to Rs 263 crore in thesame period last year.

Electro minerals business reported revenues of Rs 290crore as against Rs 244 crore registered in the same quarterlast year.

The company's subsidiary Foskor Zirconia Ltd, SouthAfrica, registered good growth during the quarter.

The Ceramics division reported revenues of Rs 160 crorefor the quarter ending December 31, 2020 from Rs 152 croreover the same quarter last year.

The profit before finance costs and tax grew by 15 percent to Rs 34 crore from Rs 30 crore on the back ofoperational efficiencies and better product mix, the companysaid.