Chennai, 25 October 2014: 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 2014.
On a standalone basis, the Company achieved sales of 2716 lacs during the quarter ended 30th September’2014 which is 8% higher than the last year’s level. The domestic sales has been at 2041 lacs, which is 6% higher than the corresponding period of last year, due to increased sales to the user industry segments like auto, engineering, ceramics, steel, glass, refractory etc. The export sales demonstrated a growth of 15% over the corresponding period of last year and was at 675 lacs. This was due to higher sales to Germany, UK, Spain, Belgium, Austria, Australia, Korea, Thailand and middle-east.
The Profit After Tax (PAT) for the current quarter has been higher by 52% at 458 lacs over the corresponding period of previous year. The good results in the form of revenue and net profit growth has been primarily on account of higher volumes, operational efficiencies, products development and other income.
On a consolidated basis, Company’s sales stood at 3233 lacs for the current quarter which is 11% higher than the corresponding period of last year with the Profit After Tax (PAT) of 354 lacs, being down from last year mainly on account of higher rate of depreciation as per the revised Companies Act’2013.
About Murugappa Group
Founded in 1900, the INR 243 Billion Murugappa Group is one of India’s leading business conglomerates. The Group has 28 businesses including ten 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 GroupeChimiqueTunisien, Foskor, Mitsui Sumitomo, Morgan Advanced Materials and Sociedad Química y Minera de Chile (SQM). The Group has a wide geographical presence across India and the world.
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.