Carborundum Universal standalone Q4 net at Rs 62.41 crore

Chennai: Abrasives manufacturer Carborundum Universal Ltd on Saturday clocked standalone net profits for the January-March 2020 at Rs 62.41 crore.

The city-based diversified conglomerate Murugappa Group company had reported net profits at Rs 49.25 crore during corresponding quarter of previous year.

For the full year ending March 31, 2020 the net profits of the company grew to Rs 191.32 crore from Rs 166. 09 crore registered a year ago.

Total income for the quarter under review stood at Rs 387.40 crore as against Rs 467.69 crore registered in the same period last fiscal.

For the year ending March 31, 2020 standalone total income slipped to Rs 1,698.52 crore from Rs 1,809.14 crore registered a year ago.

In a notification to the BSE, the city-based company said its 66th annual general meeting has been scheduled to be held on July 29 via video conference facility.

The board which met on Saturday declared a final dividend of Rs 2.75 per share of Re 1 each for the year ending March 31, 2020.

On the impact of COVID-19, the company said it has made a detailed assessment of its liquidity position for current financial year and has assessed the recoverability and carrying values of its assets comprising of property, plant and equipment, trade receivables, inventory and has concluded that 'no adjustments are required in financial statements'.

On the abrasives business, the company recorded consolidated sales at Rs 995 crore compared to previous year sales of Rs 1,124 crore.

The company's subsidiary in the United States registered a 'good traction' over the year, it said.

The electro-minerals division reported consolidated sales at Rs 1,026 crore as against Rs 1,019 crore largely driven by higher volumes from its subsidiary in Russia.

The company's step down subsidiary Foskor Zirconia Pty Ltd, South Africa, incurred a loss of Rs 20.49 crore for financial year 2019-20.

Consolidated sales in ceramics division for the year ending March 31, 2020 was at Rs 629 crore as compared to Rs 604 crore registered in the same period last year.

The company's domestic as well as overseas operations witnessed 'good growth' on the back of higher volumes, it said.