Chennai, 21st April, 2015: The Board of Directors of Wendt (India) Limited, a Joint Venture between Wendt GmbH, Germany and Carborundum Universal Ltd of the Murugappa Group have taken on record the audited financial results as reviewed by the Board of Directors for the year ended 31st March 2015.
On a standalone basis, the Company achieved sales of 10560 lacs during the year ended 31st March 2015 which is 12% higher than the last year. The domestic sales were 7890 lacs which is 11% higher than the last year. The major industry segments which attributed to the growth of domestic business were auto, auto component, engineering, cutting tool, ceramics, glass, refractories etc. The export sales demonstrated a reasonable growth with the current year sales at 2670 lacs, a growth of 14% over the last year. This was mainly on account of higher exports to countries like UK, USA, UAE, Spain, Belgium, Austria, Australia etc.
Accordingly, the profit after tax for the year has been at 1485 lacs, higher by 25% over the previous year.
On a consolidated basis, the Company’s sales during the current year, was at 12274 lacs, which is 13% higher than the previous year. The profit after tax for the current year has been at 1354 lacs which is 16% higher than the last year.
The Company’s wholly owned subsidiary in Thailand, Wendt Grinding Technologies Ltd, presented yet another year of creditable performance in spite of turbulent economic situation and subdued industrial activities. During the year, the subsidiary achieved sales of 1620 lacs, 19% growth over previous year. The Profit after tax was 222 lacs, 8% higher than the previous year. This was achieved despite of significant drop in re-profile services business. The cost reduction initiatives, operational efficiency improvements, enhanced product basket and the market expansion undertaken by your subsidiary contributed to this growth in topline despite all odds while improving the bottom line from last year level.
The company’s other wholly owned subsidiary in Sharjah, Wendt Middle East, demonstrated a remarkable growth of 51% over the previous year with sales of 627 lacs in the current year. Accordingly, the profit has been 139 lacs, higher by 28% over the previous year. This was as a result of major restructuring, cost control initiatives and focus on high contributory products.
During the year, the company was conferred “Silver Award” in the “India Green Manufacturing Challenge 2014” for Green Manufacturing by International Research Institute for Manufacturing India. The award was given in recognition for the environment- friendly practices that has been institutionalized by the company towards its philosophy of “Engineering Flair with Environmental Care”.
In line with the good performance, the Board of Directors have recommended a final dividend of 15 /- per share, (150 % on face value of equity shares of 10/- each) out of the current year’s profits. With the Company having declared an interim dividend of 10/- per share (100% on face value of equity shares of 10/- each) at its Board Meeting held on 27th January’2015, the total dividend for the Financial Year 2014-15 works out to 25/- per share (250 % on the face value of equity shares of 10/- each). The payment of final dividend is subject to the approval of the shareholders in th e ensuing Annual General meeting of the company to be held on 23rd July 2015.
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.