Chennai, Oct 25, 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 September 2013.
On a standalone basis, the Company achieved turnover of 2517 lacs during the quarter ended 30th September’2013 which is 12% higher than the corresponding quarter last year. The domestic sales was at 1927 lacs, 6% higher reflecting on increased sales to refractory, glass and machine tools sector & the export sales was at 589 lacs, higher by 38% over the corresponding period of last year. The domestic sales was higher despite continued slowdown in most of the user industry segments like auto, auto component, engineering, cutting tool, ceramic and steel etc. The higher export was due to increased sales to US, Germany, UK, Spain, Malaysia, Thailand and Russia. The depreciating rupee also helped in better export performance. Accordingly, the half year total sales have been higher at 4708 lacs, 5% higher than the corresponding period last year.
The Profit After Tax (PAT) for the current quarter has been higher by 21% at 302 lacs over the corresponding period of last year. The good results in the form of revenue and net profit growth has been primarily on account of higher volumes, operational efficiencies, new products, and the growth in the machine sales in Non Super Abrasive segment. The PAT for the half year ended 30th Sept’2013 is at 546 lacs which is 2% lower than the corresponding period of last year.
On a consolidated basis, Company’s sales stood at 2925 lacs for the current quarter which is 14% higher than the corresponding period of last year with the PAT of 391 lacs, being higher by 14% over the corresponding period last year. Accordingly, the half year sales was at 5412 lacs which is higher by 7% over the corresponding period of last year with the PAT of 713 lacs which is similar to last year levels.
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.