CUMI Plans Investment of IND 2000 Million
It plans to add capacity in various businesses covering both domestic and overseas operations, the Chennai-based company belonging to the Murugappa Group said in a communication to the stock exchanges today. It plans to increase capacity in abrasive thin wheels, converted coated products, sintered alumina grains, alumina zirconia grains and lined equipment fabrication facility. The company also plans to set up a greenfield project for fired and castable refractories. In its overseas business, capacity expansion in Russia and South Africa would be completed during this year. The company had recorded on a standalone basis total income of IND 3002,7 million in Q4 of 2011-11 (IND 2560,8 million). With increased expenses, the net profit, however, was down to IND 264,1 million from IND 380,2 million in the corresponding quarter in 2010-11. The EPS was down to IND 1,41 (IND 2,04). For the full year, the total income was IND 11,2537 million (IND 9252,8 million) and net profit was IND 1466,7 million (IND 1242,5 million). Referring to the consolidated performance, CUMI said that consolidated net sales in 2011-12 grew 24 % to IND 19,69 million from IND 15,92 million, with both domestic and overseas operations contributing to increased sales. Segment-wise, while the ceramics segment showed a growth of 30 % plus during the year, the abrasives and electro minerals segments chipped in with 20 % plus. Overseas subsidiaries, particularly in Russia, South Africa and Australia, recorded a robust show. The profit after tax increased 28 % to IND 2190 million compared IND 1710 million in the previous year. To rationalise the holding structure, the company transferred its holdings in CUMI Abrasives and Ceramics Company Ltd, China, to its wholly owned subsidiary in Cyprus, the company said (5/2012).