Anand Rathi: Carborundum Universal -An Early Beneficiary Of Normal Industrial Activity
An employee arranges tiles before packing into boxes at a ceramics production facility (Photographer Asim Hafeez/Bloomberg)

Anand Rathi: Carborundum Universal -An Early Beneficiary Of Normal Industrial Activity

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BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

Anand Rathi Report

The steep, 45% YoY, drop in Carborundum Universal Ltd. (standalone) sales reflects already weak industrial activity, further aggravated by the nation-wide lockdown.

The better performance of international subsidiaries, though, led to consolidated sales falling less(-33% YoY),as we expected.

The approximately 10% Ebitda margin was affected by lower volumes, an adverse product mix and a Rs 75 million forex loss.

With gradually improving utilisation, management is confident of steady margin, supported by operating efficiency, cost controls, product launches in ceramics and cutting out the loss-suffering Foskor Zirconia this year.

Click on the attachment to read the full report:

Anand Rathi Carborundum Universal Update.pdf

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