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India’s Carborundum reports Q3 profit surge on abrasives unit boost

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BENGALURU (Reuters) – Indian chemical manufacturer Carborundum Universal Ltd reported a 7.4% rise in third-quarter profit on Tuesday due to strength in its abrasives unit.

The company’s consolidated net profit rose to 1.09 billion rupees ($13.29 million) in the quarter ended Dec. 31 from 1.02 billion rupees a year ago, it said in an exchange filing.

Its revenue from the abrasives business rose over 50% to 5.13 billion rupees, boosting the company’s total revenue from operations by 32% to 11.87 billion rupees.

This segment also accounted for nearly 44% of the quarter’s total sales.

Ancillary manufacturers have been recovering from inflationary pressures as demand for automobiles, electricals, and other machinery is seeing a steady uptick.

However, the company’s expenses still rose 38% on the back of increased raw material costs.

The Chennai-based Carborundum declared an interim dividend of 1.5 rupees per share. It set the record date for the dividend on Feb. 10, which will be paid on Feb. 28.

($1 = 82.0250 Indian rupees)

(Reporting by Biplob Kumar Das in Bengaluru; Editing by Janane Venkatraman)

Disclaimer: This report is auto generated from the Reuters news service. ThePrint holds no responsibilty for its content.

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