Sharekhan's research report on Carborundum Universal
Consolidated revenues increased 7% y-o-y for Q2FY2025 to Rs 1,224 crore lower to our estimates of Rs 1,270 crore. Operating profit rose 16.4% y-o-y to Rs 195 crore vs our estimates of Rs 212 crore. PAT was higher by 13%. Management maintained revenue growth guidance of 9-11%, backed by abrasives (11% growth), ceramics (14% growth), and electro minerals (5% growth).
Outlook
We maintain a Hold rating with a revised PT of Rs. 1,620 (44x to FY2027EPS), factoring in muted H1FY2025 performance and premium valuations.
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