Chennai, 14th February 2018: The Board of Directors met today and approved the results for the quarter and nine months ended 31st Dec 2017.
Consolidated Q3 financial performance
Consolidated net sales (excluding excise duty) for the quarter, increased by 15 percent to Rs.600 crores from Rs.520 crores driven by better performance from all segments. At standalone level, net sales grew up by 23 percent.
Consolidated Profit aftertaxincreased by 24% from Rs.44croresto Rs.54 crores in the current quarter.
The gain in sales and profit were due to better performance from Abrasives, Ceramics and Electro mineral businesses.
The debt equity ratio remained healthy and was at 0.01 on a standalone basis and 0.09 on a consolidated basis.
Consolidated Segmental Operating Performance
Abrasives
At a consolidated level, the net sales for the quarter were at Rs.270 cr which was 15% higher than the similar period last year. On a sequential basis, the net sales were higher by 4% with Quarter 2 2017-18 sales at Rs.259cr.
PBIT margin in Abrasives increased from 12.2% in quarter 3 of last year to 13.5% in current quarter. The margins have improved on the back of higher sales in standalone business
Electro Minerals
At a consolidated level, the net sales for current quarter were at Rs.228 cr which was higher by Rs.33 cr and Rs.11 cr compared to Quarter 3 of Last Year and Q2 of Current Year respectively.
Consolidated Profit before Interest Tax of electro mineral division grew up from Rs.21 cr in Quarter 3 of last year to Rs.34cr in current quarter. Russian subsidiary and standalone business exhibited better performance.
Ceramics
At a consolidated level, the net sales for Quarter 3 were at Rs.122 cr versus Rs.103 cr for the corresponding quarter last year. This is a growth of 18%. On a sequential basis, the net sales grew by 1%.
Profit before interest and tax of the Ceramics business at consolidated levelat Rs.20 cr recorded an increase of 24%compared to corresponding quarter last year.
Interim Dividend
The Board of Directors of the Company at its meeting held on 14th Feb, 2018 has recommended an interim dividend of Re. 1/- per share (100% on face value of Re.1/-) to the shareholders of the Company
About the Murugappa Grup
Founded in 1900, the INR 300 Billion 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., TI Financial Holdings Ltd and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Transmission systems, Cycles, Sugar, Farm Inputs, Fertilisers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies such as GroupeChimiqueTunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials, SociedadQuímica y Minera de Chile (SQM),Yanmar& Co. and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.
Renowned brands like BSA, Hercules, Montra, Mach City, Ballmaster, Ajax, Parry’s, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The Group fosters an environment of professionalism and has a workforce of over 32,000 employees.
For more details, visit www.murugappa.com