Bangalore, 13 July 2012: 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’2012.
On a standalone basis, the Company achieved sales of Rs 2215 lacs during the quarter ended 30th June 2012 which is almost at the last year’s level. The domestic turnover is at Rs1748 lacs, lower by 3% over the corresponding period of last year resonating economic slowdown which has impacted majority of user industrial sectors like auto, cutting tool, ceramics, engineering etc. The export turnover was is Rs 466 lacs, a growth of 7% over the corresponding period of last year mainly on account of higher sales to UK, France, Middle East and few of the South East Asian countries.
The Profit After Tax (PAT) for the current quarter has been at Rs 308 lacs, lower by 23% over the corresponding period of previous year. This is on account of higher raw material cost, unexpected rise in fuel cost and the continuance of the inflationary trend in the economy apart from expenditure incurred on nationwide new marketing initiative Wendt-On-Wheels which is expected to yield results only in the subsequent quarters. The high Rupee volatility also contributed to the lower margin.
On a consolidated basis, Company’s sales stood at Rs 2500 lacs for the current quarter which is similar to the corresponding period of last year with the Profit After Tax (PAT) of Rs 380 lacs, being lower by 26% over the corresponding period last year.
About the 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.