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Wendt (India) Ltd, a Joint Venture between Wendt GmbH of Germany, and Carborundum Universal Ltd of Murugappa Group, has reported a 34 per cent drop in net profit at Rs 2.36 crore for the third quarter ended December 31, 2012, as against Rs 3.55 crore in the comparable previous year quarter.
The company achieved sales of Rs 22.58 crore during the quarter, which is 5 per cent lesser than Rs 23.73 crore posted in the corresponding period of last year. The domestic turnover is at Rs 17.89 crore, lower by 3 per cent “due to economic slowdown which has impacted majority of user industrial sectors such as automotive, cutting tool, ceramics, refractory and engineering”.
The export turnover was at Rs 4.69 crore, lower by 13 per cent over the corresponding period of last year, “mainly on account of lower sales to Germany, France, UK, US, Singapore, Indonesia, and Malaysia”, says a press release from the company.
It says, the drop in profits is on account of higher raw material cost, rise in fuel cost and the continuance of the inflationary trend in the economy and high rupee volatility.
Earnings per share has come down to Rs 11.8 from Rs 17.76 last year.
Murugappa Group is one of India's leading business conglomerates with a combined turnover of over Rs 22,000 crore. The Group has 28 businesses including eight listed Companies actively traded in NSE and BSE. Headquartered in Chennai, the major Companies of the Group include Carborundum Universal, Cholamandalam Investment and Finance Company, Cholamandalam MS General Insurance Company, Tube Investments, E.I.D Parry and Coromandel Engineering Company.
ravikumar.ramanujam@thehindu.co.in
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