Chennai, 24th January 2011: The Board of Directors of Wendt (India) Limited, a Joint Venture between Wendt GmbH, Germany and the Carborundum Universal Ltd of Murugappa Group have taken on record the unaudited financial results as reviewed by the Board of Directors for the third quarter and Year to date financials.
The Company achieved a top line sales of Rs 2247 lacs during the third quarter ended 31st December’2010 which is 48% higher than the corresponding period of the last year. The domestic turnover recorded an appreciable growth of 55% over the corresponding period of last year resonating with the good performance of Auto, engineering, cutting tool, steel and other user industries. Accordingly the Year to date sales for the current financial year has been 52% higher at Rs 6023 lacs than the corresponding period last year.
The profit after tax for the 3rd quarter has been higher by 42% at Rs 442 lacs compared to Rs 312 lacs during corresponding period last year. Accordingly, the year to date profit after tax has been 74% higher at Rs 1170 lacs than the corresponding period last year.
The better than expected Quarterly and Year to date results in the form of revenue and net profit growth has been primarily on account of higher volumes, operational efficiencies in the Non Super Abrasive Business.
About Murugappa Group: Founded in 1900, the Rs.13617 Crores (USD 3.03 billion) Murugappa Group is one of India’s leading business conglomerates. The Group has 29 businesses including seven 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, EID 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, Construction, Bio-products and Nutraceuticals, the Group has forged strong joint venture alliances with leading international companies like Mitsui Sumitomo, Foskor, Cargill, Groupe Chimique Tunisien, Winterthur Technology Group and Morgan Crucible. The Group has a wide geographical presence panning 13 states in India and 5 continents.
Renowned brands like BSA, Hercules, Ballmaster, Ajax, Parry’s, Gromor and Paramfos are from the Murugappa stable. The organization fosters an environment of professionalism and has a workforce of over 32,000 employees.
For any clarifications please contact Mr.Rajesh Khanna, CEO, Ph No 043440-405500
For further information, please contact:
Vinod Kumar /Diya Kinger
Ogilvy Public Relations Worldwide
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