Chennai, 19 April 2014: The Board of Directors of Wendt (India) Limited, a Joint Venture between Wendt GmbH, Germany and Carborundum Universal Ltd of the Murugappa Group have taken on record the audited financial results as reviewed by the Board of Directors for the year ended 31st March 2014.
On a standalone basis, the Company achieved sales of 9449 lacs during the year ended 31st March 2014 which is 6% higher than the last year. Mirroring the industry slowdown and sluggish market conditions, the domestic sales were
7110 lacs, almost at the last year level. The major industry segments which impacted the domestic business were auto, auto component, steel, heavy engineering, cutting tool, ceramics and cutting tools. However, the export sales demonstrated a remarkable growth with the current year sales at
2339 lacs, a growth of 36% over the last year. This was mainly on account of higher exports to countries like Indonesia, Malaysia, US, UK, Germany, UAE, Thailand etc.
Accordingly, the profit after tax for the year has been at 1187 lacs, higher by 17% over the previous year.
On a consolidated basis, the Company’s sales during the current year, was at 10890 lacs, which is 8% higher than the previous year. The profit after tax for the current year has been at
1166 lacs.
The Company’s wholly owned subsidiary in Thailand presented yet another year of creditable performance in spite of turbulent economic situation and subdued industrial activities. During the year, the subsidiary achieved sales of 1398 lacs, 26% growth over previous year. The Profit after tax was
206 lacs almost at the previous year level due to product mix and drop in re-profile business. The cost reduction initiatives, operational efficiency improvements, enhanced product basket and the market expansion undertaken by the subsidiary contributed to this growth in topline despite all odds while retaining bottom line at last year level.
The company’s another wholly owned subsidiary in Sharjah, which had turned around last year, demonstrated a remarkable growth of 42% with sales of 415 lacs in the current year, and profit of
109 lacs, higher by 77% over the previous year. This was as a result of major restructuring, cost control initiatives and focus on high contributory products.
In line with the good performance, the Board of Directors have recommended a final dividend of 15/- per share, (150 % on face value of equity shares of
10/- each) out of the current year’s profits. With the Company having declared and paid an interim dividend of
10/- per share (100% on face value of equity shares of
10/- each) at its Board Meeting held on 22nd January 2014, the total dividend for the Financial Year 2013-14 works out to
25/- per share (250% on the face value of equity shares of
10/- each). The payment of final dividend is subject to the approval of the shareholders in the ensuing Annual General meeting of the company to be held on 24th July 2014.
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, Fertilisers, 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.
Caution Notice
The public is hereby cautioned that it has been brought to our notice that certain unscrupulous persons/agencies are issuing fake sanction letters to customers and getting their signatures in fake loan agreements purporting to be a loan sanction letter & loan agreement of Murugappa Group and such persons /agencies are attempting to extort money by demanding security deposit/processing fee/insurance fee from the gullible customers for processing the required loan etc. In the aforesaid documents, those unscrupulous persons/agencies are also using the registered logo and name of Murugappa Group against law with intent to gain wrongfully by using the goodwill and reputation of the Group.
Please be informed that Murugappa Group is not a separate legal entity and never requires any customers to pay any advance money or deposit for loan sanctioning. Public is cautioned not to rely or act on any such fraudulent sanction/offer made in the name of Murugappa Group without verifying the authenticity of the contents.
Customers who are interested in availing loans may directly contact any of the nearest branch of Cholamandalam Investment and Finance Company Limited (Cholamandalam) a constituent of our group for further details or get in touch with us at 1800 200 4565 or alternatively email at customercare@chola.murugappa.com, or SMS at 9500000312.
MURUGAPPA GROUP