The abrasives and industrial ceramics manufacturer Carborundum Universal Ltd. on Saturday reported a 7.6% rise in standalone net profit to £61.91 billion for the quarter ended March 31. Total revenue increased to £601.47 billion from £519.98 billion.
For the year ended, the standalone net income increased by 38.3% year-on-year to ₹254.48 million, the Murugappa Group company said in a statement. Total revenues increased to ₹2,257.18 billion from 1,714.65 crore in the previous fiscal year.
The company said it had made £1.70 billion of investments in FY22 and stressed that its leverage ratio stood at 0.09 at a consolidated level.
Sales from the abrasives business at the consolidated level increased 29% to ₹1,283 billion for the year.
The company said its abrasives business saw significant growth in India, Russia and the US.
Consolidated sales in the Electrominerals business for the year increased to ₹1,312 million compared to ₹1,064 million.
The company said its subsidiary Volzhsky Abrasives Works, Russia, saw double-digit growth in rubles. It was a turnaround year for Foskor Zirconia Pty Ltd., South Africa, which also posted double-digit growth.
The ceramics business saw its net profit rise 27.2% to £798 million.
The board recommended a final dividend of £2 per share. The company had previously paid an interim dividend of £1.50 per share, bringing the total dividend to £3.50 per share, the company said in a statement.