Bangalore, 27 January 2015: 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 31st December 2014.
On a standalone basis, the Company achieved sales of 2470 lacs during the quarter ended 31st December 2014 which is 14% higher than the last year’s level. The domestic sales has been at 1884 lacs, which is 21% higher than the corresponding period of last year, due to increased sales to the user industry segments like auto, engineering, ceramics, glass, refractory etc. The export sales ended lower by 4% over the corresponding period of last year and was at 586 lacs due to economic slowdown in Russia, Indonesia, Malaysia, Singapore etc.
The Profit After Tax (PAT) for the current quarter has been lower by 14% at 164 lacs over the corresponding period of previous year. The lower profit is due to the higher depreciation charge on account of the revised useful life of the assets.
On a consolidated basis, Company’s sales stood at 2963 lacs for the current quarter which is 16% higher than the corresponding period of last year with the Profit After Tax (PAT) of 238 lacs, being 5% lower to the corresponding period last year.
In line with the earlier year, the Board of Directors are pleased to recommend an interim dividend of 10/- per share (100% on face value of equity shares of 10/- each.)
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 ten 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, Transmission systems, 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 Advanced Materials, Sociedad Química y Minera de Chile (SQM), Yanmar & Co. and and Compagnie Des Phosphat De Gafsa (CPG). The Group has a wide geographical presence all over India and spanning 6 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Chola, Gromor, Shanthi Gears and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.