The consolidated sales for Carborundum Universal for the quarter ending June 30, 2023, increased by 6 percent to Rs. 1,191 Crores from Rs.1,129 Crores in the corresponding quarter of last year. This was contributed by strong performance across business segments. At a standalone level, sales grew by 10 percent to Rs.659 Crores from Rs.600 Crores.
On a consolidated basis, profitability for the quarter recorded strong growth across all three segments. Profit after tax and non-controlling interest for the quarter grew by 44 percent to Rs.113 Crores against Rs.79 Crores in Q1 of last year. Compared to Q4 of FY 23, profit was lower by 17 percent as we had an exceptional income of Rs.25 Crores reported in Q4 of last financial year. Without considering the exceptional income in Q4 of FY 23, the growth in Q1 FY 24 profit sequentially would be 1%. At standalone level, it increased by 28 percent QoQ to Rs.93 Crores from Rs.73 Cr during last year.
The revenue from the abrasives segment for Q1 was almost flat at Rs.519 Crores compared to Rs.513 Crores in Q1 of last year. Standalone Abrasives grew by 5 percent to Rs.282 Crores against Rs.269 Crores. The domestic subsidiary and the subsidiary in America registered double digit growth. Sales from Awuko and Rhodius for the quarter was flat due to recessionary trends in Europe.
The electro minerals segment revenue was at Rs.418 Crores versus Rs.406 Crores in Q1 of last year, resulting in marginal increase of 3 percent. Standalone Electro Minerals grew by 10 percent to Rs.197 Crores from Rs.179 Crores on back of volume growth and product mix. Volzhsky Abrasives Works, Russia and Foskor Zirconia (Pty) Limited, South Africa were almost flat.
The ceramics segment revenue was higher by 18 percent at Rs.287 Crores as against Rs.243 Crores in Q1 of last year. Standalone Ceramics grew by 19 percent to Rs.231 Crores from Rs.193 Crores on account of strong demand across end user industries and geographies. The subsidiaries in Australia and America also registered significant growth.