Bangalore, 24 January 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 31st December 2012.
On a standalone basis, the Company achieved sales of Rs 2258 lacs during the quarter ended 31st December 2012 which is 5% lesser than the corresponding period of last year. The domestic turnover is at Rs 1789 lacs, lower by 3% over the corresponding period of last year due to economic slowdown which has impacted majority of user industrial sectors like automotive, cutting tool, ceramics, refractory, engineering etc. The export turnover is Rs 469 lacs, lesser by 13% over the corresponding period of last year mainly on account of lower sales to Germany, France, UK, USA, Singapore, Indonesia, Malaysia etc. Accordingly, the standalone year to date sales have been lower at Rs 6723 lacs, lesser by 9% over the corresponding period of the last year.
The Profit After Tax (PAT) for the current quarter has been at Rs 236 lacs, lower by 34% 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. Accordingly, the PAT for the nine months period ended 31st December 2012 is Rs 793 lacs, lower by 40% over the corresponding period of the previous year.
On a consolidated basis, Company’s sales stood at Rs 2566 lacs for the current quarter which is lower by 3% over the corresponding period of last year with the Profit After Tax (PAT) of Rs 291 lacs, being lower by 32% over the corresponding period last year. Accordingly, the year to date sales is at Rs 7625 lacs, lower by 7% over the corresponding period of last year with the PAT of Rs 1013 lacs, lower by 34% 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.