Bangalore: The Board of Directors of Wendt (India) Ltd met today and approved the unaudited financial results for the quarter ended 30^thJune’2018.

 

On a standalone basis, the Company achieved sales of Rs.3647 lakhs during the quarter ended 30^thJune’2018 which is 31% higher than the corresponding period of last year. The domestic sales have been at Rs.2561 lakhs, which is 32% higher than the corresponding period of last year. The major industry segments which attributed to the growth of the domestic business were steel, auto, auto ancillaries, cutting tools, defence, glass etc. The export was 30% higher than the corresponding period of last year at Rs.1086 lakhs. This was due to higher sales to Taiwan, Middle East, UK, Germany, Indonesia, Thailand etc.

 

Accordingly, the Profit After Tax (PAT) for the current quarter has been higher by 312% at Rs.449 lakhs.  The good results in the form of revenue and net profit growth has been primarily on account of higher volumes, operational efficiencies, and product mix.

 

On a consolidated basis, Company’s sales stood at Rs. 4162 lakhs for the current quarter which is 27% higher than the corresponding period of last year with the PAT of Rs.537 lakhs, which is 136% higher than the corresponding period last year.

 

Mr. M M Murugappan, Chairman has stepped down from the Board effective the closing hours of 24th July 2018 after 18 years of his association with the Company due to his pressing commitments after having taken over as the Executive Chairman of the Murugappa Group early this year. The Company respects the valuable services rendered by Mr. Murugappan during his long association as its Director and appreciates his significant contribution as its Chairman. The Board has also elected Mr Shrinivas G Shirgurkar as its Chairman at its meeting held today in the place of Mr. Murugappan.

 

M/s. Carborundum Universal Limited has nominated Mr. Rajesh Khanna as a Director on the Board of the Company. Mr. Rajesh Khanna has a long association with the Company since 1982 with vast industry experience in Super Abrasive and Machine Tooling business. The Board at its meeting held today considered the nomination of Mr. Rajesh Khanna and has appointed him as its Executive Director for a term commencing from 24th July 2018 to 31st October 2020 subject to shareholders approval.”