Carborundum Universal’s consolidated sales for the year ended on March 31, 2019, increased by 14 per cent to Rs. 2,656 crores from Rs. 2,330 crores (excluding excise duty), driven by better performance from all the segments. At a standalone level, the growth was at 13 per cent from Rs. 1,551 crores to Rs. 1,752 crores.
Full year consolidated segmental profitability improved for the Abrasives and Ceramics businesses on the back of higher sales volume.
The company, at consolidated level, spent Rs. 97 crores on capital expenditure. The gross debt : equity ratio for the company, is almost nil at a standalone level and 0.06 at a consolidated level. Cash and cash equivalents (net of borrowings) at the consolidated level stands at Rs. 95 crores. For the full year, net sales were Rs. 1,124 crores compared to the previous year’s Rs. 1,018 crores, resulting in a growth of 10%. The Indian operations registered steady growth on the back of higher volumes.
Meanwhile, the Nomination and Remuneration Committee has recommended the candidature of Mr. N. Ananthaseshan, President – Abrasives, as a successor to Mr. K. Srinivasan, Managing Director, who is retiring, effective November 22 next. Accordingly, the Board considered and approved Mr. Ananthaseshan’s appointment as an Additional Director of the company who will hold office up to the next AGM to be held on July 31, and also as a Managing Director (Designate) with immediate effect.
Mr. Ananthaseshan will take charge as the Managing Director with effect from November 23