Carborundum Universal stock under pressure despite positive Q1FY23 numbers

2 Aug 2022 , 09:18 AM

Carborundum Universal Ltd has informed that The Board of Directors approved the results for the quarter ended June 30, 2022.

Financial performance

Consolidated sales for the quarter, increased by 60 percent to Rs1129 crore from Rs706 crore in last year, driven by steady performance across business segments and additional sales of Rs181 crore from newly acquired subsidiaries. At standalone level, sales grew by 29 percent to Rs600 crore from Rs465 crore.

On a consolidated basis, profit delivered strong growth across Minerals and Ceramics segments. Profit after tax and non-controlling interest grew by 38 percent to Rs79 crore in Q1 against Rs57 crore in Q4 of last year. However, Profit after tax and non-controlling interest for the quarter grew up by 2 percent compared to Q1 of last year. The profit for Q1FY23 was mainly impacted by exchange loss in the Russian Subsidiary due to strengthening of Rouble.

The capital expenditure incurred during the quarter was Rs56 crore at consolidated level. The debt equity ratio was at 0.09. The net cash was at Rs118 crore.

At around 9:18 AM, Carborundum Universal was trading at Rs847.35 per share down by Rs4.45 or 0.52% from its previous closing of Rs851.80 per share on the BSE.