Carborundum Universal Q1 Review – A Mixed Bag Of Performance: ICICI Securities


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Carborundum Universal Ltd. has reported a mixed set of numbers with strong revenue performance, while profitability was impacted due to consolidation of new acquisitions.

Consolidated revenue grew 60% YoY to Rs 11.4 billion led by 88%/40%/41% YoY growth in abrasives / ceramics/ electrominerals, respectively.

Abrasives was an outlier mainly on account of consolidation of the recently acquired subsidiaries Rhodius and AWUKO (contributed Rs 1.8 billion).

However, Carborundum Universal’s Ebitda margin declined to 11.2% (versus Q1 FY22 margin of 16.6%) due to increase in raw material cost, losses at Rhodius and AWUKO and exchange loss in the Russian subsidiary on Rouble strengthening.

Both ceramics and EMD segments reported strong Ebit margins, which partly offset the decline in overall margins.

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