Carborundum Universal reports net profit of Rs 77 cr

New Delhi, May 1 (UNI) Carborundum Universal Ltd, a part of the Murugappa Group, today reported a 103 per cent increase in net profit at Rs 77 crore for the year ended 31 March 2006, as against Rs 38 crore for the same period last year.

The company has also recommended a final dividend of 60 per cent for 2005-06, at Rs 1.20 per equity share of Rs 2 each.

An 18 per cent increase was reported in the total sales for the year ending 31 March 2006 at Rs 424, from Rs 357 crore for the same period last year, a company statement said here.

Domestic sales jumped by 17 per cent at Rs 378, as against Rs 323 last year, while exports registered a growth of 38 per cent from Rs 34 crore to Rs 47 crore.

Strong growth was witnessed in all the three business segments namely, abrasives, ceramics and electrominerals.

The Company also acquired the business of a Canadian coated abrasives distributor in February 2006, with which it has gained a long-term presence in the North American coated abrasives market.

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