CUMI Delivers on FY17 Guidance; Overall Outlook Positive: Carborundum Universals (CUMI) revenue (net) and PAT reached to Rs.20,800mn and Rs.1,749mn which are in-line with FY17 guidance. However, the same were higher than our estimates by 2.4% on revenue side and actual EBITDA and PATmargins were higher by 30bps and 50bps. In terms of segments, Abrasives sales were lower than expected; nevertheless Ceramics and Electro-minerals revenues were in-line.