Murugappa Group company Wendt India has reported a 30 per cent increase in its standalone profit after tax (PAT) at ₹6.94 crore for the first quarter of this fiscal as compared with ₹5.34 crore in the year-ago period.
The Company’s operational efficiency measures like elimination of wastes and rejection, improving productivity, developing alternate vendors towards supply chain disruption and focusing on cost control have led to growth in profitability, said a company statement.
Overall growth
The Company recorded sales of ₹42.88 crore during the quarter ended June 30, 2022, as compared with ₹36.85 crore, an increase of 16 per cent. Domestic sales stood at ₹31.84 crore, which was higher by 17% than the corresponding quarter previous year. “This is on account of higher sales for almost all user industries like auto, steel, refractories, glass, bearings, blade, ceramics, etc,” it said.
Exports grew 14 per cent at ₹11.05 crore, aided by higher exports to USA, Germany, Italy and Spain among others.
On a consolidated basis, its PAT grew 21 per cent at ₹7.23 crore as against ₹6 crore in the year-ago quarter. Its sales stood at ₹47.5 crore as against ₹42.14 crore, an increase of 13 per cent.
The company said that Rajesh Khanna, Non-Executive Director of the company would be retiring from the Board at the 40th Annual General Meeting held on Friday. . He has been associated with the company for about 4 decades.