Carborundum Universal net down by 31 percent

August 7th, 2012 - 8:01 pm ICT by IANS  

Chennai, Aug 7 (IANS) City-based abrasives major Carborundum Universal Ltd closed the first quarter with 6 percent sales growth and 31 percent net profit fall as compared to previous year’s first quarter numbers.

In a statement issued here Tuesday, the company said its consolidated revenues went up by 6 percent to Rs.498 crore from Rs.469 crore on a quarter-on-quarter basis.

On the other hand, its net profit fell by around 31 percent to Rs.36 crore during the first quarter of current fiscal from Rs.52 crore logged during comparable period in 2011-12.

According to the company, sales growth was driven by the performance of both Indian and overseas subsidiaries.

However, margins came under pressure owing to rising input costs, strong dollar and a challenging customer market.

Profitability of both abrasives and electro-minerals came under pressure while the ceramics business witnessed an increase in profit.

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