Sharekhan's research report on Carborundum Universal
Carborundum Universal Limited (CUMI) reported strong topline numbers, aided by recent acquisitions. The Russian subsidiary – VAW performed well on the sales front, but profitability was impacted by forex loss. Demand is sanguine across segments, led by better product mix and further aided by recent acquisitions. FY2023 OPM to be at FY2022 level and improve thereafter, helped by easing supply-chain constraints and turnaround in recent acquisitions.
We retain Buy with a revised PT of Rs. 1,000, considering healthy long-term growth outlook across end-user industries.
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