Murugappa Group firm Carborundum Universal Ltd.’s (CUMI) consolidated profit after tax and non-controlling interest for the third quarter ended December 2019 grew by 8% to ₹63 crore.
During the period under review, sales decreased by 6% to ₹642 crore on lower volumes from abrasives and electro-mineral segments. Consolidated segmental profitability for the quarter improved for the ceramics businesses but contracted for abrasives and electro-minerals.
CUMI’s step-down subsidiary Foskor Zirconia Pty Ltd. South Africa (FZL) has incurred a loss of ₹16.76 crore. Out of this, ₹8.55 crore had been considered in the group’s consolidated financials, being the share of the parent. FZL’s board was monitoring the business performance and would initiate suitable measures in due course, the company said in the notes.
At standalone level, net profit rose to ₹40 crore from ₹35 crore but sales dropped by 11% to ₹409 crore.
At a consolidated level, CUMI, spent ₹107 crore on capital expenditure in the nine months ended December 2019.
The board decided to defer consideration of an interim dividend to a later date, CUMI said in a statement.
