Carborundum Universal Limited CC-Mar25.pdf · 2025-05-13
So I have 3 questions. First, if I look at the Abrasives business on a standalone basis where 11 quarters we are seeing low single -digit growth and there were three couple of quarters in the early part of calendar year 2024 where we were seeing some acceleration, but we have now seen deceleration back. So if you could help us understand breaking it into 2 parts. One is what part is the slowdown in the end market? And I understand Abrasives is over -indexed to commercial vehicles and that segment of the market has slowed down? And second i s what we are seeing is acceleration in the thermal power manufacturing, especially when we look at BHEL order book, et cetera. So if you could help us understand the underlying market slowdown. And second, what part of the market is impacted by the Chinese competition? And that part, we understand has should have been anniversarized. So that is my first question to understand the stand-alone Abrasives better.
Great. The second question is on Russian piece. And when we see this quarter, revenues declined by about 16-odd percent, but you've seen a sharp drop in the margins. In this, if you could help because this is a continuous process industry. So slowing down or stopping of production is difficult. So we would have been forced to sell in Russian market. So if you could just help us understand the kind of pricing pressure that would have happened and the kind of volumes impact that was there in the Russian piece because of forced selling into the home market and exports kind of getting impacted due to the sanctions?