Murugappa Group firm Carborundum Universal Ltd has reported a consolidated net profit (after tax and minority interest) of ₹ 39.74 crore for the quarter ended March 31, 2016 when compared with ₹ 66.06 crore, which included an exceptional gain of ₹ 56.5 crore, in the corresponding period of the previous fiscal.
Its gross profit for the March quarter stood at ₹ 69.46 crore as against ₹ 53 crore in a year-ago period. Consolidated net sales for the quarter grew by seven per cent at ₹ 528.38 crore when compared with ₹ 465.15 crore.
For the year ended March 31, 2016, net profit (after tax and minority interest) stood at ₹ 142.79 crore as against ₹ 138.25 crore, which included an exceptional gain of ₹ 50.5 crore, in the same period previous year. Consolidated net sales for the full year increased by two per cent to ₹ 2,056 crore from ₹ 2,019 crore.
“Full year consolidated segmental profitability improved for abrasives and electro minerals, but dropped for ceramics. In electro minerals segment, profit has increased following restructuring of South African entities,” according to a company statement.
On a standalone basis, profit after tax stood at ₹ 29.26 crore for the January-March 2016 quarter when compared with ₹ 95.73 crore (boosted by an exceptional gain of ₹ 87 crore) same period last year. Total income was up 17 per cent to ₹ 349.51 crore from ₹ 299.15 crore. For the full year, total income and profit stood at ₹1,299.28 crore (₹ 1,168.69 crore) and ₹ 116.28 crore (₹ 148.33 crore) respectively.
The standalone business grew at 11 per cent driven by abrasives and electro mineral business. At a full year consolidated level, abrasives sales grew by six per cent, whereas sales of electro minerals segment remained at the same level due to rouble translation and winding down of Thukela Refractories Isithebe. Ceramic sales at a consolidated level fell three per cent.