Business

CUMI Q2 profit rises 15.4%

Murugappa Group firm Carborundum Universal Ltd. (CUMI), posted a 15.4% rise in standalone net profit for the second quarter ended September to ₹50.2 crore amid steady performance across segments. Total income shrank 1.35% to ₹438 crore. Revenue from the electrominerals and abrasives segment was flat, while that of ceramics dipped 9.5%, CUMI said in a filing.

The CUMI’s step-down subsidiary Foskor Zirconia (PTY) Ltd., South Africa (FZL) incurred a loss of ₹5.38 crore out of which ₹2.74 crore had been considered in the group’s consolidated financials, representing share of the parent. The board of FZL is monitoring the business performance and will initiate suitable measures in due course.

In July 2020, the company’s wholly owned step-down subsidiary, Thukela Refractories lsithebe Pty Ltd, South Africa (TRI), ceased its status consequent to the approval of its voluntary de-registration by the Companies and Intellectual Property Commission (CIPC), South Africa.

On Wednesday, the board of CUMI considered and re-designated its chief accounts officer P. Padmanabhan as chief financial officer with immediate effect.

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Printable version | Nov 28, 2020 12:57:24 PM | https://www.thehindu.com/business/cumi-q2-profit-rises-154/article32966514.ece

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