Chennai, April 29, 2011: The Board of Directors of Wendt (India) Limited, a Joint Venture between Wendt GmbH, Germany and the Carborundum Universal Ltd of Murugappa Group have taken on record the audited financial results as reviewed by the Board of Directors for the Year ended 31st March’2011.
On a standalone basis, the Company achieved sales of Rs 8173 Lacs during the year ended 31st March’2011 which is 46% higher than the last year. The domestic turnover recorded an appreciable growth of 54% over the last year resonating with the good performance of Auto, engineering, cutting tool, steel, its user industry. The export sales recorded a 17% growth during the year at Rs 1446 Lacs despite the slow industrial recovery in many of the developed nations.
The profit after tax for the current year has been higher by 62% at 1595 Lacs compared to Rs 982 Lacs during last year.
On a consolidated basis, the Company’s sales were Rs 9129 Lacs during the current year which is 48% higher than the last year. The profit after tax for the current year has been higher by 69% at Rs 1684 Lacs compared to Rs 998 Lacs during last year.
The better than expected results in the form of revenue and net profit growth has been primarily on account of higher volumes, operational efficiencies and the growth in the Non Super Abrasive Business.
In spite of continued political odds and subdued industrial activities, the Company’s wholly owned subsidiary in Thailand presented yet another good performance. The second wholly owned subsidiary in Sharjah, achieved a reasonable growth despite continued economic slowdown and recent social unrest. Based on the above two experiences of its subsidiaries, Wendt India Ltd is looking at the possibility to establish another base in Indonesia primarily to service the glass, automobile and the engineering industry.
The Board of Directors have recommended a dividend of Rs 25/- per share, (250% on face value of equity shares of Rs 10/- each) same as previous year. The dividend is maintained at the same level this year to enable sufficient funds with the company for meeting the higher capex requirements to support the continued growth.
About Murugappa Group
Founded in 1900, the Rs.13617 Crores (USD 3.03 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 29 businesses including seven listed Companies actively 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., Tube Investments of India Ltd., and Wendt (India) Ltd.
Market leaders in served segments including Abrasives, Auto Components, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Construction, Bio-products and Nutraceuticals, the Group has forged strong joint venture alliances with leading international companies like Mitsui Sumitomo, Foskor, Cargill, Groupe Chimique Tunisien, Winterthur Technology Group and Morgan Crucible. The Group has a wide geographical presence panning 13 states in India and 5 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.
For any clarifications please contact: Mr. Rajesh Khanna, CEO, Phone No – 043440-405500
For further information, please contact:
Vinod Kumar /Diya Kinger
Ogilvy Public Relations Worldwide, Chennai
Mobile :98401 26179 / 8939623044