Wendt India Ltd, a Murugappa Group firm, named C. Srikanth as CEO-designate with effect from November, following the retirement of present CEO and executive director Rajesh Khanna on October 31.
However, considering Mr. Khanna's domain knowledge, expertise and rich experience, the board has asked him to continue as a non-executive director, who is liable to retire by rotation, Wendt said in a regulatory filing.
Mr. Srikanth will become CEO and key managerial personnnel from April 1, 2021. Mr. Srikanth is mechanical engineer and has been associated with the Carborundum Universal Ltd. and the Murugappa Group for close to three decades.
On a standalone basis, Wendt India reported a 19% decline in its net profit to ₹3.49 crore for the second quarter ended September 2020, when compared with the year-ago period due to the COVID-19-led lockdown.
During the period, Wendt reported a 22% dip in its sales of Rs.29.08 crore, of which domestic sales accounted for Rs. 21.96 crore.
The export sales was down by 52% to Rs.7.12 crore on account of supply chain disruptions and sluggish demand mainly from global market such as China, US, Germany and Singapore.
