Carborundum Universal Quarterly Result Update
05-08-2022

Carborundum Universal | Market Cap : Rs. 16,247 Cr

CMP 856 | P/E 38x FY23

Results

(Rs. Cr)

Y-o-Y Growth

Comments

Revenue

1,164.7

61.5%

Strong growth across segments

EBITDA

127.5

-7.4%

Impacted by inflation due to supply-chain constraints and raw material headwinds

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Key highlights:

  • Russia operations showed resilience but impacted due to constraints on exports
  • The ceramics business has reached its peak segment margin in the quarter
  • The domestic EMD business has started to report healthy growth and margin, reflective of healthy uptick of the recently commissioned capacities

Management Outlook

  • Macro environment remains tough due to due to inflation, supply-chain disruptions, forex fluctuation, and higher cost of capital and fears of a global slowdown.
  • For abrasives segment, demand for precision abrasives remained strong while mass market abrasives witnessed soft demand from construction industry. Profit margins were impacted by cost inflation.
  • Revenues of Russian subsidiary moved up during the quarter on higher volumes and realization. Although challenges remain on the logistics side to sell product outside Russia, the company is exploring means to increase sales in the domestic market.
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