Conference Call with Carborundum Universal Management and Analysts on Q4FY24 Performance and Outlook. Listen to the full earnings transcript.
Industrial products company Carborundum Universal announced Q4FY24 & FY24 results: FY24 Financial Highlights: Consolidated sales for FY24 was at Rs 4628 crore. This is an increase of 0.6% over last year. FY24 consolidated sales was lower compared to last year mainly due to depreciation of Rouble against Indian Rupees in comparison with FY23 average rate. Excluding the exchange rate impact, the growth is at 7%. Profit after tax for FY24 was at Rs 461 crore. This is an increase of 11.4% over FY23. Profit after tax as a percentage of sales improved to 10% in FY24 compared to 9% in FY23. Free cash flow at consolidated level for FY24 was 86% of profit after tax which was 33% during FY23. Standalone sales for FY24 was at Rs 2593 crore. This is an increase of 5% over FY23. Profit after tax for FY24 was at Rs 350 crore, which is an increase of 6% over FY23. This will represent a growth of 14% after removing an exceptional income of Rs 25 crore accounted in FY23. Free cash flow at standalone level for FY24 was 90% of profit after tax which was 60% during FY23. The debt equity ratio at the consolidated level was 0.04. Cash and cash equivalents net of borrowings was at Rs 442 crore at the end of FY24 against Rs 166 crore at the end of FY23. The capital expenditure incurred during the year 2023-24 was Rs 219 crore at consolidated level. Q4FY24 Financial Highlights: Consolidated sales for the quarter ended March 31, 2024, was at Rs 1183 crore. This is a growth of 4.7% over Q3FY24 and is flat compared to corresponding period of last year. Consolidated Profit after tax was at Rs 135 crore with a growth of 21% over Q3FY24. When compared to Q4FY23, there is a growth of 20.2% after removing an exceptional income of Rs 25 crore accounted in Q4FY23. Standalone sales for Q4 of FY24 was at Rs 656 crore representing a growth of 4.4% over Q4FY23 sales. This is also a growth of 3.4% compared to Q3FY24. Standalone Profit after tax for Q4 of FY24 was at Rs 94 crore with a growth of 17.6% over Q3FY24. When compared to Q4FY23, there is a growth of 5.7% after removing an exceptional income of Rs 25 crore accounted in Q4FY23. Result PDF
Industrial Products company Carborundum Universal announced Q3FY24 & 9MFY24 results: Consolidated: Consolidated sales for 9MFY24 were at Rs 3,445 crore (0.8% increase over the corresponding period in last year) with profit after tax at Rs 326 crore (17.9% increase over the corresponding period of last year). Consolidated sales for Q3FY24 was at Rs 1,130 crore (3.6% de-growth over last year) with profit after tax at Rs 111 crore with a growth of 9.2% over Q2FY24 and growth of 2% compared to Q3FY23. Free cash flow at the consolidated level, on a YTD basis was 75% of PAT compared to -33% during the corresponding period last year. The debt-equity ratio at the consolidated level was 0.04. Cash and cash equivalents net of borrowings was at Rs 342 crore against Rs 221 crore at the end of Q2FY24. The capital expenditure incurred during nine months was Rs 154 crore at the consolidated level. Standalone: Standalone sales during 9MFY24 were at Rs 1,937 crore (5.0% increase over the corresponding period in last year) with profit after tax at Rs 256 crore (18.1% increase over the corresponding period of last year). Standalone sales for Q3FY24 was almost flat at Rs 635 crore compared to Q3FY23 and de-growth of 1.4% compared to Q2FY24. Profit after tax was at Rs 80 crore with a growth of 10.9% over Q3FY23 and de-growth of 3.2% sequentially. At the standalone level, it was at 80% of PAT compared to 10% during the corresponding period last year. The Board of Directors of the Company at its meeting held on Jan 31, 2024, has declared an interim dividend of Rs 1.50/- per share (150% on face value of Re 1) to the shareholders of the Company. Result PDF