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ICICI Securities Report
Carborundum Universal Ltd. has reported a mixed set of numbers with margins getting impacted by one-offs. Consolidated revenue grew 15% YoY to Rs 8.7 billion led by 15% and 17% YoY growth in abrasives and electro minerals segments, respectively.
However, Ebitda margin declined to 12.8% (versus Q4 FY21 margin of 20.9%) on account of-
one-time cost related to Maniyar operations (electro minerals division - standalone operations),
new acquisition-related costs and
partial absorption of commodity costs.
Other income was also up 24% YoY. As per the management, the impact of Russia-Ukraine war was limited to supply-chain disruption and logistical challenges as their products are not a part of the sanction list; however, situation continues to be volatile.
Carborundum Universal is focusing on strengthening its core portfolio by expanding its end user industry base. It is able to leverage its presence across multiple geographies by expanding its presence further through -accretive merger and acquisitions.
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