Carborundum Universal Ltd (CUMI), part of the diversified conglomerate Murugappa Group, has reported a decline in consolidated net profit to Rs 28 crore in the first quarter ended June 30 (Rs 36 crore). Revenue marginally increased to Rs 526 crore (Rs 522 crore).
However, The first quarter of this financial year was much better and “we expect things to be better from the second quarter,” according to Managing Director K. Srinivasan.
The company’s share price on the BSE closed at Rs 106.05, down by Rs 2.40 over the previous day’s closing price.