Chennai, 22 January 2014: The Board of Directors of Wendt (India) Ltd, a Joint Venture between Wendt GmbH, Germany and Carborundum Universal Ltd of Murugappa Group have taken on record the unaudited financial results as reviewed by the Board of Directors for the quarter ended 31st December’2013.
On a standalone basis, the Company achieved sales of 2165 lacs during the quarter ended 31st December 2013 which is 4% lower than the corresponding period of last year. The domestic turnover is at 1556 lacs, lower by 13% over the corresponding period of last year due to economic slowdown which has impacted majority of user industrial sectors like automotive, cutting tools, ceramics, engineering, steel etc. The export turnover is 609 lacs, higher by 30% over the corresponding period of last year mainly on account of higher sales to USA, Germany, UK, Malaysia, Thailand, Indonesia, Russia etc. Accordingly, the standalone year to date sales have been higher at 6873 lacs, 2% increase over the corresponding period of the last year.
The Profit After Tax (PAT) for the current quarter has been at 191 lacs, lower by 19% over the corresponding period of previous year. This is on account of higher raw material cost due to depreciated rupee, increase in employee cost and the continuance of the inflationary trend in the economy, high rupee volatility. Accordingly, the PAT for the nine months period ended 31st Dec’2013 is 737 lacs, lower by 7% over the corresponding period of the previous year.
On a consolidated basis, Company’s sales stood at 2544 lacs for the current quarter which is almost similar to the corresponding period of last year with the PAT of 250 lacs, being lower by 14% over the corresponding period last year. Accordingly, the year to date sales is at 7956 lacs, higher by 4% over the corresponding period of last year with the PAT of 963 lacs, lower by 5% over the corresponding period last year.
The company has conserved cash for few major capital expenditures, which due to sluggish market demand has been deferred for the next year. Accordingly, the Board of Directors are pleased to recommend an interim dividend of 10 /- per share (100% on face value of equity shares of 10 /- each).
About Murugappa Group
Founded in 1900, the INR 225 Billion Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including eleven listed Companies traded in NSE & BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal Ltd., Cholamandalam Investment and Finance Company Ltd., Cholamandalam MS General Insurance Company Ltd., Coromandel International Ltd., Coromandel Engineering Company Ltd., E.I.D. Parry (India) Ltd., Parry Agro Industries Ltd., Sabero Organics Ltd., Shanthi Gears Ltd., Tube Investments of India Ltd., and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilisers, Plantations, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Mitsui Sumitomo, Morgan Crucible and Sociedad Química y Minera de Chile (SQM). The Group has a wide geographical presence spanning 13 states in India and 5 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Chola, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.