Wendt India reports Rs 7.97 crore as standalone PAT in Q4

Chennai, Apr 22 (PTI): Abrasives and precision component-manufacturer Wendt India has reported a standalone profit after tax (PAT) at Rs 7.97 crore for the fourth quarter (Q4) ending March 31, 2022, the company said on Friday.

The Murugappa group company made a standalone net profit of Rs 5.97 crore during the corresponding quarter last year.

For the year ending March 31, 2022, the standalone net grew to Rs 27.10 crore from Rs 12.91 crore a year ago, a statement from the company said.

The total income on a standalone basis during the quarter under review went up to Rs 45.40 crore from Rs 42.89 crore last fiscal.

For the year ending March 31, 2022, the standalone total income surged to Rs 165.56 crore from Rs 127.07 crore in the corresponding period last year.

The company said the increase in revenue was due to higher sales to major industries, including auto, auto-ancillaries, bearings, steel, and ceramics, among others.

Exports during the year ending March 31, 2022, grew by 20 per cent to Rs 39.54 crore because of rise in sales to countries like the United States, the United Kingdom, Germany, Korea, and Taiwan.

''Accordingly, the profit after tax for the year is Rs 27.10 crore which is 110 per cent higher than that made the previous year,'' the company said.

On the performance of subsidiary business, the company said Wendt Grinding Technologies Ltd, Thailand, achieved sales of Rs 22.98 crore with a profit after tax at Rs 3.02 crore.

''The Board, which met here today to declare the financial results of the company, also approved a proposal for voluntary de-registration of Wendt Middle East, Sharjah,'' it said.

The Board of Directors has recommended a final dividend of Rs 45 per share (450 per cent on face value of equity shares of Rs 10 each). The payment of dividend was subject to approval of the shareholders, the statement said.