Chennai, 03 August 2015 : The Board of Directors met today and approved the results for the quarter ended 30th June 2015.
Consolidated Q1 financial performance
Consolidated net sales dropped by 6% to 487 crores from
516 crores, on a quarter on quarter basis. PBT increased by 35% from
42 crores to
57 crores in the current quarter. On a sequential basis, sales grew by 5% and PBT (excluding exceptional income) increased by 10%.
The profit after tax increased by 22% (i.e. 33 crores compared to
27 crores during corresponding quarter of last year).
The drop in sales on quarter on quarter basis was largely due to nil sales in Thukela Refractories as business is being re-located and adverse movement in Rouble currency. Sequentially sales however became better owing to strengthening of Rouble currency against Indian Rupee.
Profitability of Electro minerals and Abrasives businesses improved both on a sequential and quarter on quarter basis. Profitability of Ceramics improved on a sequential basis; however it was lower than corresponding quarter of last year. The Company’s debt equity ratio continues to be healthy and is the lowest at 0.07 on a standalone basis and 0.29 on a consolidated basis.
Consolidated Segmental Operating Performance
Abrasives
Sales of the abrasives business on a consolidated remained flat at 212 cr as in corresponding quarter of last year. On a sequential basis, sales grew by 5% due to better performance in Russia.
Profit before interest and tax at 19 cr has improved on a consolidated basis as against
12 cr in corresponding quarter of last year.
Electro Minerals
At a consolidated level, the net sales came down to
179 cr from
202 cr in quarter 1 of last year. On a sequential basis sales were higher by
22 cr. Currency translation effect led to the variances in both the periods.
Profit before interest and tax at consolidated level increased from 26 cr to
32 cr on a quarter on quarter basis. This was largely due to better performance in India and lower losses in Thukela Refractories. On a sequential basis, the gain was 1%.
Ceramics
The ceramics segment recorded a sales of 112 cr, a 3% drop in sales on a quarter on quarter basis mainly due to Thukela Refractories business being re-located. On a sequential basis, there was a drop of 5%.
Refractories sales have improved on the back of higher volumes and price. Industrial ceramics registered lower sales.
Profit before interest and tax of the ceramics business at consolidated level at 17 cr recorded a drop of 4% on a quarter on quarter basis. On a sequential basis, it grew 10%.
About Murugappa Group
Founded in 1900, the INR 269Billion Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including nine listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd.,Shanthi Gears Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Crucible and Sociedad Química y Minera de Chile (SQM). The Group has a wide geographical presence spanning 13 states in India and 6 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Chola, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.
Caution Notice
The public is hereby cautioned that it has been brought to our notice that certain unscrupulous persons/agencies are issuing fake sanction letters to customers and getting their signatures in fake loan agreements purporting to be a loan sanction letter & loan agreement of Murugappa Group and such persons /agencies are attempting to extort money by demanding security deposit/processing fee/insurance fee from the gullible customers for processing the required loan etc. In the aforesaid documents, those unscrupulous persons/agencies are also using the registered logo and name of Murugappa Group against law with intent to gain wrongfully by using the goodwill and reputation of the Group.
Please be informed that Murugappa Group is not a separate legal entity and never requires any customers to pay any advance money or deposit for loan sanctioning. Public is cautioned not to rely or act on any such fraudulent sanction/offer made in the name of Murugappa Group without verifying the authenticity of the contents.
Customers who are interested in availing loans may directly contact any of the nearest branch of Cholamandalam Investment and Finance Company Limited (Cholamandalam) a constituent of our group for further details or get in touch with us at 1800 200 4565 or alternatively email at customercare@chola.murugappa.com, or SMS at 9500000312.
MURUGAPPA GROUP