Business

Wendt turns into black, clocks ₹5.97 crore net in Q4

Wendt India Ltd. reported a standalone net profit of ₹5.97 crore for the fourth quarter ended March on higher sales to user industries such as auto ancillaries, refractories and glass. The company had recorded a net loss of ₹1.09 crore in the year-earlier period.

During the period, gross sales rose 83% to ₹40.59 crore, the Murugappa Group firm said in a regulatory filing.

For the year ended March, domestic sales rose 7% to ₹86.22 crore,

Exports for FY21contracted 18% to ₹32.78 crore mainly on account of lower demand due to continued slowdown and lockdowns imposed in view of the second wave of COVID-19 reported in the U.K., the U.S. and other European countries.

Wendt’s wholly owned subsidiary in Thailand posted a sales of ₹18.30 crore with a net profit of ₹2.42 crore, while that in Sharjah, Wendt Middle East, reported a sales of ₹2.70 crore with a net profit of ₹11 lakh.

Considering the challenging business conditions and future viability of profitable operations in West Asia, voluntary de-registration of WME has been initiated and is expected to be completed in the next few months, it said.

The board recommended a dividend of ₹20 per share.


Our code of editorial values

This article is closed for comments.
Please Email the Editor

Printable version | Jan 26, 2022 2:48:12 AM | https://www.thehindu.com/business/wendt-turns-into-black-clocks-597-crore-net-in-q4/article34396116.ece

Next Story