The Board of Directors of Wendt (India) Ltd, have taken on record the unaudited financial results as reviewed by the Board of Directors for the quarter ended 30th June2016.
On a standalone basis, the Company achieved sales (inclusive of excise duty) of Rs.3021 lakhs during the quarter ended 30thJune’2016 which is 7% higher than the last year’s level. The domestic sales has been at Rs.2335 lakhs, which is 10% higher than the corresponding period of last year. The major industry segments which attributed to the growth of the domestic business were engineering, auto ancillaries, steel, ceramics, refractories, cutting tools etc. The product cells which grew is Vitrified, Rotary Dressers, Stationery Dressers, Metal Bond & Electroplating compared to the corresponding period last year. However, the export sales were 3% lower than the corresponding period of last year and was at Rs.686 lakhs. This was due to lower sales to UK, UAE, Indonesia, Malaysia, Korea etc.
The Profit After Tax (PAT) for the current quarter has been higher by 36% at Rs. 247 lakhs. The higher margin has been due to the higher sales and product mix.
On a consolidated basis, Company’s sales stood at Rs 3569 lakhs for the current quarter which is 7% higher than the corresponding period of last year with the PAT of Rs. 353 lakhs, which is 21% higher than the corresponding period last year.
During the quarter the company had installed and commissioned the diamond dressing tools business from Star Diamond Tools Pvt. Ltd which it had acquired in the previous year. This is expected to enhance the company’s offerings in the field of stationery dressers in both domestic and overseas market. It would complement Wendt’s existing manufacturing, while addressing domestic and global market opportunities under the ‘STAR’ brand.
The inauguration of the Star facility housed at Wendt India, Hosur was done on 26th of July 2016.