Carborundum Universal (CUMI) shares slipped over 2% after the company reported a sharp decline in net profit for the third quarter of FY24. As of 9:48 AM, the shares were trading 1.62% lower at Rs 1,011.10.
The company’s consolidated revenue grew to ₹1,255 crore from ₹1,151 crore year-on-year, slightly surpassing estimates of ₹1,245 crore. However, EBITDA dropped 8% to ₹177 crore compared to ₹192 crore, missing the estimated ₹204 crore. This led to a margin contraction to 14.1% from 16.7%.
The most significant setback was the steep 69% decline in net profit, which plummeted to ₹35 crore from ₹111 crore, far below the expected ₹131 crore.
Carborundum Universal’s stock opened at ₹1,012.35, reached a high of ₹1,020.95, and dropped to ₹983.15, marking a new 52-week low. The previous 52-week high stood at ₹1,841.15.
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