CUMI Q1 net profit rises 22% to Rs 33 cr

CUMI Q1 net profit rises 22% to Rs 33 cr

Carborundum Universal (CUMI), part of the Chennai-based Murugappa Group, on Monday reported a 21.52 per cent increase in net profit at Rs 33.25 crore for the first quarter ended June 30, 2015.

The Chennai-based abrasives manufacturer had registered a net profit of Rs 27.36 crore during the same period of the previous fiscal.

Total income from operations for the April-June 2015 quarter marginally decreased by five per cent to Rs 495.79 crore compared with Rs 521.90 crore.

The consolidated net sales dropped by 5.57 per cent to Rs 487.45 crore from Rs 516.02 crore, on a year-on-year basis.

Shares of the company ended at Rs 182.05 apiece, down 1.06 per cent over its previous close on the BSE.

The drop in sales year-on-year was largely due to nil sales in Thukela Refractories as business is being re-located and adverse movement in Rouble currency. Sequentially, however, sales improved owing to strengthening of the Rouble currency against Indian rupee.