Consolidated Sales at Rs.1191 Crores
PAT at Rs.113 Crores
Standalone Sales at Rs.659 Crores
PAT at Rs.93 Crores
Chennai: The Board of Directors met today and approved the results for the quarter ended June 30, 2023.
Financial performance
Consolidated sales for the quarter ending June 30, 2023, increased by 6 percent to Rs.1191 Crores from Rs.1129 Crores in corresponding quarter of last year. This was contributed by strong performance across business segments. At 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 capital expenditure incurred during the quarter was Rs.55 Crores at consolidated level. The debt equity ratio at the consolidated level was 0.06. Cash and cash equivalents net of borrowings was at Rs.190 Crores.
Consolidated Segmental Operating Performance
Abrasives
Segment revenue for the quarter 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.
Profit before finance cost and tax was better by 75 percent at Rs.31 Crores as against Rs.18 Crores in Q1 of last year. This was on account of better profit margins from standalone and increase in profits from domestic and American subsidiaries.
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.
Profit before finance cost and tax was at Rs.74 Crores as against Rs.59 Crores in Q1 of last year. A significant portion of Profits came from Russian subsidiary. At standalone level, it grew by 59 percent to Rs.23 Cr sequentially but de-grew 25 percent QoQ due to easing of commodity pricing.
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.
Profit before finance costs and tax grew by 39 percent to Rs.81 Crores from Rs.58 Crores on account of growth in volume, better realization and product mix.