Wendt India performance – Q2 FY 2012-13

 

 

Bangalore, 26 October 2012: 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 September’2012.

On a standalone basis, the Company achieved sales of Rs 2250 lacs during the quarter ended 30th September’2012 which is 18% lesser than the corresponding period of last year. The domestic turnover is at Rs1823 lacs, lower by 17% over the corresponding period of last year resonating economic slowdown which has impacted majority of user industrial sectors like auto, cutting tool, ceramics, engineering etc. The export turnover is Rs 427 lacs, lesser by 25% over the corresponding period of last year mainly on account of lower sales to Germany, France, UK, Indonesia etc. Accordingly, the half year sales have been lower at Rs 4465 lacs, lesser by 10% over the corresponding period of the last year.

The Profit After Tax (PAT) for the current quarter has been at Rs 250 lacs, lower by 55% over the corresponding period of previous year. This is on account of higher raw material cost, rise in fuel cost and the continuance of the inflationary trend in the economy, high rupee volatility apart from expenditure incurred on nationwide marketing initiative Wendt-On-Wheels which is expected to yield results only in the subsequent quarters. The PAT for the half year ended 30th Sept’2012 is Rs 557 lacs, lower by 42% over the corresponding period of the previous year.

On a consolidated basis, Company’s sales stood at Rs 2559 lacs for the current quarter which is lower by 15% over the corresponding period of last year with the Profit After Tax (PAT) of Rs 342 lacs, being lower by 43% over the corresponding period last year. Accordingly, the half year sales is at Rs 5059 lacs, lower by 10% over the corresponding period of last year with the PAT of Rs 722 lacs, lower by 35% over the corresponding period last year.

About Murugappa Group

Founded in 1900, the Rs. 22314 Crores (USD 4.4 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including eight 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, Bio-products and Nutraceuticals, the Group has forged strong alliances with leading international companies like Groupe Chimique Tunisien, Foskor, Cargill, 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.