The Board of Directors of Carborundum Universal Ltd. approved the results for the quarter and six months ended September 30, 2022.

Financial Performance

Consolidated sales for the quarter, increased by 34% to Rs. 1117 crores from Rs. 834 crores in corresponding quarter of last year, driven by strong performance in Electrominerals and Ceramics segments along with additional sales of Rs. 141 crores from newly acquired subsidiaries. At standalone level, sales grew by 11% to Rs. 610 crores from Rs. 551 crores.

On a consolidated basis, profitability for the quarter recorded a strong growth across Electrominerals and Ceramics segments. Profit after tax and non-controlling interest for the quarter grew sequentially by 13% to Rs. 89 crores against Rs. 79 crores in first quarter. However, it de-grew by 9% compared to Q2 of last year on account of input cost inflation.

The capital expenditure incurred during first half of the year was Rs. 177 crores at consolidated level. The debt equity ratio was 0.14. The borrowings (net of cash) was at Rs. 78 crores.

Consolidated Segmental Operating Performance


Segment revenue for the quarter grew by 49% to Rs. 484 crores compared to Rs. 325 crores in Q2 of last year. Standalone Abrasives grew by 3% to Rs. 276 crores against Rs. 268 crores. The newly acquired subsidiaries – Rhodius and Awuko added additional sales of Rs. 128 crores to the topline besides significant growth from American subsidiary.

Profit / (Loss) before finance cost and tax was lower by 37% at Rs. 28 crores as against Rs. 45 crores in Q2 of last year. The lower profit is due to cost impact in standalone and integration cost related to newly acquired subsidiaries. However, the profits were better by 57% on sequential basis.

Electro Minerals

Segment revenue was at Rs. 410 crores versus Rs. 323 crores in Q2 of last year, resulting in an increase of 27%. Standalone Electro Minerals grew by 21% to Rs. 172 crores from Rs. 142 crores on account of higher realization and volumes. Subsidiaries – Volzhsky Abrasives Works, Russia and Foskor Zirconia (Pty) Limited, South Africa, also registered significant growth.

Profit before finance cost and tax was at Rs. 69 crores as against Rs. 48 crores of Q2 last year. The growth was due to strong performance at standalone as well as overseas subsidiaries on account of higher realization with increased demand of minerals.


Segment revenue was higher by 21% at Rs. 254 crores as against Rs. 210 crores in Q2 of last year. Standalone Ceramics grew by 22% to Rs. 211 crores from Rs. 172 crores on the back of strong demand across sectors and geographies. Subsidiaries in Australia and America also registered significant growth.

Profit before finance costs and tax grew by 32% to Rs. 65 crores from Rs. 49 crores on account of growth in volume, realisation and product mix.