Wendt India Performance – Q1 FY 2013-14
Bangalore, 25 July 2013 : 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 2013.
On a standalone basis, the Company achieved sales of Rs 2191 lacs during the quarter ended 30th June’2013 which is almost at the last year’s level. The domestic turnover at Rs1750 lacs, is marginally higher over the 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 turnover at Rs 442 lacs, is lower by 5% over the corresponding period of last year due to lower sales to France, Spain, Belgium, Indonesia and Middle-East , with no different economic situation.
The Profit After Tax (PAT) for the current quarter has been lower by 20% at Rs 244 lacs over the corresponding period of previous year. This is on account of higher raw material cost due to depreciated Rupee, increase in depreciation due to capex addition during the year to address the business growth and also the continued pressure on margins due to the market conditions.
The Company’s DSIR approved R&D facility is focusing on the development of Bonds and alternate raw material. This is expected to help the company particularly in light of the non extension of the Technology Agreement by Wendt GmbH.
On a consolidated basis, Company’s sales stood at Rs 2487 lacs for the current quarter which is similar to the corresponding period of last year with the Profit After Tax (PAT) of Rs 322 lacs, being lower by 15% over the corresponding period last year.
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, Fertilizers, 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.