Wendt India Q1 net dips 56%

Murugappa Group company Wendt (India) Ltd has reported a 56 per cent drop in its profit after tax at ₹1.09 crore for the quarter ended June 30, 2017, when compared with ₹ 2.47 crore in a year-ago period. The lower bottomline was due to product mix and deferred customer clearance, according to a statement. The company’s revenue (inclusive of excise duty) was flat at ₹ 30 crore during Q1 of this fiscal. Domestic sales stood at ₹22 crore, which was seven per cent lower than the corresponding period of last year. But exports were 22 per cent higher at ₹8.35 crore. This was due to higher sales to Russia, Singapore, Malaysia, Belgium, Korea, China etc. On a consolidated basis, the company’s net profit stood at ₹2.28 crore, down 35 per cent when compared with the year-ago period. Its revenue was flat at ₹ 35 crore.