Chennai, Aug 4 (IANS): Abrasives, ceramics and electro-minerals manufacturing company Carborundum Universal on Monday reported a rose by 21.5 percent in net profit for the first quarter of 2015-16 at Rs.33.25 crore as against Rs.27.36 crore in the same period last year.

According to the consolidated financial results, consolidated net sales dropped by six percent to Rs.487 crore from Rs.516 crore.

Total net income from operations declined five percent to Rs.495.79 crore in the quarter from Rs.521.9 crore in the same period last year. total revenue also declined from Rs.537.5 crore to Rs.514.3 crore.

Total expenses also declined from Rs.473.3 crore to Rs.439.2 crore.

Abrasives contributed the highest segment-wise revenue at Rs.212.3 crore compared to Rs.178.7 crore from electro-minerals, Rs.111.8 crore from ceramics and Rs.11.5 crore from other products.

Founded in 1954 in a tripartite collaboration involving Murugappa Group of India, the Carborundum Co of US and Universal Grinding Wheel of Britain, it manufactures 20,000 different varieties of abrasives, refractory products and electro-minerals from 10 manufacturing locations across India.