CHENNAI: Manufacturers of super abrasives, machine tools and precision components – – reported a standalone profit of Rs 5.97 crore for the quarter ending March 31, 2021, the company said on Friday.
The Murugappa Group company reported a net loss of Rs 1.09 crore during the corresponding quarter last year.
For the year ending March 31, 2021 the standalone profits grew to Rs 12.91 crore from Rs 9.34 crore registered last year.
The total income on a standalone basis went upto Rs 42.89 crore from Rs 23.64 crore recorded in the same quarter last financial year.
The standalone total income marginally slipped to Rs 127.07 crore from Rs 130.94 crore registered last year.
In a statement, the company said the domestic sales during the year (ending March 31, 2021) were Rs 86.22 crore higher by seven per cent than the previous year.
“This was on account of higher sales to user industries like auto ancillaries, refractories and glass,” the company said.
Exports during the period declined by 18 per cent during the year at Rs 32.78 crore mainly on account of lower demand because of lockdowns imposed due to the second wave of COVID-19 pandemic reported in the United Kingdom, the United States and European countries.
On the performance of Wendt Grinding Technologies Ltd., Thailand, its subsidiary, the company achieved sales of Rs 18.30 crore during the financial year ending March 31, 2021 with a profit after tax at Rs 2.42 crore.
The subsidiary in Sharjah clocked sales of Rs 2.70 crore during the year with the profit after tax at Rs 11 lakh.
Wendt India said it has commenced voluntary deregistration of Wendt Middle-East in view of the challenging business conditions and future viability of profitable operations in the Middle-East.
The process was expected to be completed in the next few months, Wendt India said.
The Board of Directors, which met today, recommended a dividend of Rs 20 per share (200 per cent on face value of equity shares of Rs 10 each) out of the current year’s profits.
The payment of dividend was subject to the approval of shareholders during the annual general meeting scheduled to be held in July, Wendt India said.
