Wendt India Ltd., a Murugappa group company, has posted a 48% increase in standalone net profit for the third quarter ended December 2020 to ₹3.37 crore compared with the year-earlier period. Domestic sales rose 11% to ₹30.37 crore on account of higher sales to all major user industries such as auto, auto ancillaries, cutting tools, steel, engineering and bearings, the company said in a regulatory filing.
Exports dipped by over 39% to ₹5.52 crore mainly on account of lower offtake from global customers due to continued slow down and lockdowns imposed in view of the second wave of Covid reported in the U.K., the U.S. and other European countries.
The board declared an interim dividend of ₹10 per share and 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.
