Carborundum Universal logs 60 percent growth in profitNovember 5th, 2011 - 7:56 pm ICT by IANS
Chennai, Nov 5 (IANS) Abrasives major Carborundum Universal Ltd (CUMI) closed the second quarter of the current fiscal with 24 percent growth in sales and 60 percent in net profit.
In a statement issued here Saturday, the company said the consolidated sales and net profit for the quarter ended Sep 30, 2011 stood at Rs.505 crore and Rs.66 crore, respectively, up from Rs.408 crore and Rs.41 crore, respectively, logged during the corresponding period of 2010-11.
According to the company, the offtake of abrasives by industries in India and Russia is encouraging while the operations in America, Middle East and Canada continued to be subdued.
Similarly, the electro-minerals division logged good growth owing to demand in India, Russia and South Africa while the ceramics division registered growth in engineered ceramics, metallised cylinders and wear resistant tiles.
During the period under review, CUMI sold 44.53 percent stake held in Laserwords Private Ltd for Rs.50 crore.
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