Carborundum Universal Share Soars 5% Amid 24% Surge in Post-Tax Profit

Carborundum Universal Limited recommends final dividend of Rs 2.

Carborundum Universal Limited shares rallied 5% in early trade after robust Q4 results. At 9:40 am, the stock rose 4.32% to Rs 1,160.

As part of the Murugappa Group, Carborundum Universal reported a 24% climb in post-tax profit and non-controlling interest at Rs 414 crore for FY23, compared to Rs 333 crore in the previous year

The board suggested a final dividend of Rs 2 per share with a face value of Re 1. The firm earlier reimbursed an interim dividend of Rs 1.50 per share, aggregating to Rs 3.50 per share.

Consolidated revenue rose 40% to Rs 4,601 crore in FY23, “contributed by healthy performance across all business and sales of Rs 673 crore from acquired subsidiaries Awuko, Rhodius, and Pluss.

The company’s standalone profit after tax was boosted by 30% to Rs 331 crore for FY23, compared with Rs 254 crore in FY22. Sales rose by 13% to Rs 2,473 crore.

For March 31, 2023, the company registered a 140% gain in consolidated PAT and non-controlling interest at Rs 137 crore against Rs 57 crore in the last year. Consolidated revenue from operations raised Rs 1,183 crore from Rs 859 crore in the previous year.

The capital expenditure in FY22-23 was Rs 294 crore, and the debt-equity ratio was 0.08 at the consolidated level. Cash and cash equivalents deposits with terms exceeding 3 months’ net borrowings were Rs 166 crore.

Get Daily Prediction & Stocks Tips On Your Mobile