Shares of abrasives manufacturer Carborundum Universal Ltd (CUMI) surged over 6% following the release of its Q4 results.
The company reported a consolidated net profit of Rs 142.56 crore for the January-March 31, 2024 quarter, as stated by the company. The Chennai-based company, part of the diversified conglomerate Murugappa Group, had recorded a consolidated net profit of Rs 148.79 crore during the same period last year.
For the fiscal year ending March 31, 2024, the consolidated net profit stood at Rs 476.18 crore, compared to Rs 441.70 crore registered a year ago.
As of 1:25 PM, the shares were trading 6.41% higher at ₹1,533.90 on NSE.
In a statement, the company said, “FY24 consolidated sales were lower compared to last year mainly due to depreciation of Rouble against Indian Rupee in comparison with FY23 average rate. Excluding the exchange rate impact, the growth is at 7 percent. Consolidated sales for the quarter ending March 31, 2024, saw a growth of 4.7 per cent over Q3 of FY24 (sequentially) and is flat compared to the corresponding period of last year.”, the company said.