India's Carborundum reports Q3 profit surge on abrasives unit boost

Carborundum Universal

31/01/2023 10:35

BENGALURU, Jan 31 (Reuters) - Indian chemical
manufacturer Carborundum Universal Ltd  CRBR.NS  reported a 7.4%
rise in third-quarter profit on Tuesday due to strength in its
abrasives unit.
    The company's consolidated net profit rose to 1.09 billion
rupees ($13.29 million) in the quarter ended Dec. 31 from 1.02
billion rupees a year ago, it said in an exchange filing. 
    Its revenue from the abrasives business rose over 50% to
5.13 billion rupees, boosting the company's total revenue from
operations by 32% to 11.87 billion rupees. 
    This segment also accounted for nearly 44% of the quarter's
total sales.
    Ancillary manufacturers have been recovering from
inflationary pressures as demand for automobiles, electricals,
and other machinery is seeing a steady uptick. 
    However, the company's expenses still rose 38% on the back
of increased raw material costs.
    The Chennai-based Carborundum declared an interim dividend
of 1.5 rupees per share. It set the record date for the dividend
on Feb. 10, which will be paid on Feb. 28.
($1 = 82.0250 Indian rupees)
 (Reporting by Biplob Kumar Das in Bengaluru; Editing by Janane
Venkatraman)
 ((Biplobkumar.das@thomsonreuters.com; 9101861583;))