Wendt India Ltd., a Murugappa group firm, net profit for the first quarter ended June 2020 slipped to ₹8 lakh from ₹3.85 crore in the corresponding year earlier period due to sluggish demand and partial lockdown to contain the spread of COVID-19.
“The company resumed operations from April 30 and hence [was] having very negligible sales during the first month of the quarter. The revenue was impacted because of lockdown to prevent spread of COVID-19. However, there is a progressive improvement in the business during the subsequent months, resulting in profits for the month of May and June 2020,” the company said in a regulatory filing.
During the period under review, the company achieved sales of about ₹19 crore (₹34 crore), of which, domestic sales accounted for ₹13 crore.
