Wendt India Ltd Announces Annual Financial Results for the Year 2009-10

 

Chennai, April 29, 2010: The Board of Directors of Wendt (India) Limited, a Joint Venture between Wendt GmbH, Germany and the Carborundum Universal Ltd of Murugappa Group have recommended a dividend of 250% (Rs 25/- per equity share of face of Rs 10 /- each) for the financial year ended 31-03-2010. Compared to previous year, the current year dividend recommended is higher by 50 percentage points.

The Company achieved a top line of Rs 5609 lacs during the year which is 9% higher than the previous year. The domestic turnover recorded an appreciable growth of 29% over the previous year. Exports to many countries continues to be lower than last year as these countries are still to come out of the recession. The profit before tax is higher by 12% from Rs 1297 lacs to Rs 1455 lacs and the profit after tax is higher by 11% from Rs 884 lacs to Rs 983 lacs.

Various initiatives taken by the Company in the previous years to grow the precision Component business started showing results. The Company continues to focus on new products development in line with its strategy of providing technically superior products to its customers. During the year, the Company has successfully introduced and tested several new products including Segmented wheels for refractory grinding, plated diamond wheels, PCD Notch milling tools, Steel bodies for glass grinding wheels and Brazed Diamond multipurpose Grinding wheels. The Company also successfully launched the following machines, CNC Surface Rotary Grinding WRS 600H Machine and CNC Guide Roll Grinder WGM20, CNC Notch Milling Machine to adhere for demand of growing steel rolling mills.

In order to focus and channelize its resources more effectively, the Company segmented its business into three verticals namely Super Abrasives, Machines & Precision components and International Business. The Company will continue to focus on opportunities for its products and services in other growing industries such as Auto Component, Infrastructure & Construction, Steel Defense & Aerospace.

The company has recently signed a technical collaboration agreement with M/s Delapena United Kingdom for manufacturing Honing machines .This would enable the Company to further strengthen its competitive edge by offering “Complete Honing Solutions” also along with grinding solutions.

About Wendt India Ltd

A joint venture with Wendt Gmbh, Germany, Wendt (India) manufactures world renowned range of Diamond / CBN grinding tools and machines for cutting tools and wire rod mills, as well as a comprehensive range of diamond / CBN products that cater to virtually every segment of the engineering industry.Wendt provides grinding solutions to industries as diverse as automobile, ceramics, carbide HSS cutting tools, glass, refractories, machine tools, steel, watch, aerospace, engineering and many more. Wendt technological superiority comes from its international heritage and access to the latest technology.

About Murugappa Group

Headquartered in Chennai, the Rs. 15,907 crores (USD 3.14 billion) Murugappa Group is one of India’s leading business conglomerates. Market leaders in diverse areas of business including Engineering, Abrasives, Finance, General Insurance, Cycles, Sugar, Farm Inputs, Fertilizers, Plantations, Bio-products and Nutraceuticals, its 29 companies have manufacturing facilities spread across 13 states in India. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees. The Group has forged strong joint venture alliances with leading international companies like DBS Bank, Mitsui Sumitomo, Foskor, Cargill and Groupe Chimique Tunisien has consolidated its status as one of the fastest growing diversified business houses in India.