Carborundum Universal has posted a 29 per cent growth in net profit at Rs 47 crore for the quarter ended December 31 against Rs 37 crore in the comparable previous year quarter.
Sales grew by by 21 per cent to Rs 494 crore from Rs 408 crore last year.
According to a press release from the company, growth was driven by the performance of both the India and overseas operations. The electro-minerals and ceramic business segments recorded growth rates in excess of 15 per cent and 40 per cent, respectively. The abrasives business grew by 13 per cent.
Good Profitability
Profitability of all business segments witnessed good increase. Overseas subsidiaries recorded strong growth in sales, particularly the entities in Russia and Australia.
The company sub-divided the equity shares from the current face value of Rs 2 to Rs 1 each with effect from October 7.
The company has sold its 44.53 per cent shareholding in Laserwords Pvt Ltd for a consideration of Rs 50 crore in November.
The board of directors of the company has approved an interim dividend of Rs 1 per share (100 per cent).