Bangalore, 24 July 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 30th June’2014.
On a standalone basis, the Company achieved sales of 2375 lacs during the quarter ended 30thJune’2014 which is 8% higher than the last year’s level. The domestic sales has been at 1719 lacs, almost at corresponding period of last year, despite the economic slowdown and subdued performance of our most of the user industry segments like auto, cutting tool, steel, refractory, components etc. The export sales demonstrated a remarkable growth of 49% over the corresponding period of last year and was at 656 lacs. This was due to higher sales to UK, Germany, France, Spain, Belgium, Australia, Korea, Thailand and Middle-East.
The Profit After Tax (PAT) for the current quarter has been lower by 13% at 212 lacs over the corresponding period of previous year. This is on account of higher depreciation due to reduction in useful life of assets as per the Companies Act 2013. Also ,the Company’s DSIR approved R&D facility is focussing on the development of Bonds and alternate raw material for which the company has incurred higher expenditure as compared to last year corresponding quarter, partially contributing to the lower PAT for the current quarter . On a long term this is expected to help the company in creating its own IP and leadership position in this industry.
On a consolidated basis, Company’s sales stood at 2845 lacs for the current quarter which is 14% higher than the corresponding period of last year with the Profit After Tax (PAT) of 320 lacs, being similar to the corresponding period last year.
About Murugappa Group
Founded in 1900, the INR 243 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.