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Carborundum Universal: Financial Results fort he First Nine Months 2011

Healthy growth in revenues is aided by strong growth from all the segments. Revenues from abrasives business grew 15 % to INR 2076 million with off take from user industries from India and Russia continued to be encouraging. Operations in America, Middle East and Canada continued to be subdued. However, the Chinese subsidiary registered good growth from a low base. Streling abrasives, VAW abrasive division and Wendt (India) registered higher growth. Revenues from ceramics grew by 22 % to INR 1172,4 million in the quarter under review. Engineered ceramics business performed well. Sales of metalized cylinders and wear resistant tiles registered good growth. The growth in sales was driven by exports as a result of higher off take from Canada, Europe, USA and South American Markets. Favorable product mix and optimum production levels ensured higher contributions. Further, revenues from electro minerals grew 25 % to INR 1904,9 million and others 31 % to INR 78,5 million in quarter under review. Growth in sales from electro minerals division was on the back of robust performance of Indian, Russian and South African operations. All the segments have reported improvement in the margins in the quarter under review. Particularly, segment margins of ceramics zoomed to 22,9 % and that of electro minerals improved to 28,9 %. On the other hand, segment margins of abrasives grew to 14,6 %. Operating profit was up 42 % to INR 1185,3 million. The other income improved 39 % to INR 13,2 million while interest cost inched up 3 % to INR 63 million and depreciation was up 13 % to INR 144,3 million. For the half year ended September 11, the company has reported 27 % increase in the total income from operations at INR 10027,3 million and 39 % jump in the net profit at INR 1178,7 million (11/2011).


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