Wendt (India), is a leading manufacturer of super abrasives in India on January 22 reported a 94.09% rise in consolidated net profit for the quarter ended Dec.31, 2020.
The company has earned Rs 42.7 million in the third quarter compared with Rs 22 million in the corresponding quarter a year ago.
Net sales of the company for the quarter increased by 6.36% to Rs 352.7 million compared to Rs 331.6 million in the corresponding quarter of the previous financial year.
On a standalone basis, the company achieved sales of Rs.303.7 million during the quarter ended Dec'2020 which is 11% higher than the corresponding period last year.
The domestic sales recorded Rs 248.5 million during the quarter ended Dec'2020 which is higher by 35% over the corresponding quarter last year. This is on account of higher sales to all major user industries like auto, auto ancillaries, cutting tools, steel, engineering, bearings etc.
Exports was Rs.55.2 million during the quarter ended 31st Dec’2020, lower by 39% over the corresponding quarter previous year. The lower exports is mainly on account of lower off-take from global customers due to continued slow down and lockdowns imposed in view of the second wave of Covid reported in UK, US and other European countries.
The Company achieved total Sales of Rs.899.1 million for the nine months ended Dec.31, 2020 which is 22% lower than the corresponding period last year and PAT of Rs.74.7 million, which is 31% lower than the corresponding period last year.
In line with the earlier years, the Board of Directors declared an interim dividend of Rs. 10 per share (100% on face value of equity shares of Rs 10 each.).
K S Shetty, Independent Director at the 37th AGM held on July 22, 2019 has expressed his desire to resign with effect from closing hours of Jan.22, 2021 due to personal reasons and other commitments.
The Board has appointed Bhagya Chandra Rao as an Additional Director of the Company in the capacity of an Independent Director with effect from Jan.22, 2021 subject to the approval of the shareholders.
The Board has approved a proposal for voluntary de-registration of Wendt Middle East FZE, a wholly owned subsidiary of the Company located at Hamriyah Free Trade Zone, Sharjah UAE.
Shares of the company gained Rs 32.30, or 0.98%, to settle at Rs 3,339.60. The total volume of shares traded was 733 at the BSE (Friday).
