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Wendt (India) Limited has reported a 42 per cent dip in net profit for the year ended March 31, 2013 at Rs 10.12 crore. Standalone sales dropped 11 per cent dip (year on year) to Rs 88.95 crore.
Mirroring the industry slowdown and deteriorating market conditions, domestic sales were lower by 11 per cent at Rs 71.76 crore, said a press release. Major industry segments that impacted the business are auto, auto components, cutting tools, refractory, ceramics and steel, the release said.
Export sales were also hit at Rs 17.19 crore, during the current year, 12 per cent lower over the last year.
The board of directors has recommended a dividend of Rs 15 per share of Rs 10 (150 per cent) out of the current year’s profits.
Wendt (India) is a joint venture between Wendt GmbH, Germany and Carborundum Universal Ltd of the Murugappa Group.
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