Wendt (India) reported a net profit of Rs 5.97 crore in Q4 FY21 as against net loss of Rs 1.09 crore in Q4 FY20.
Net sales during the quarter surged 83% year-on-year (YoY) to Rs 40.59 crore.
Wendt recorded 38.2% jump in net profit to Rs 12.91 crore on 1.1% decline in net sales to Rs 119 crore in the year ended March 2021 over the year ended March 2020.
The company's domestic sales was Rs 86.22 crore during the year ended 31 March 2021, which is higher by 7% than the previous year. This is on account of higher sales to user industries like auto ancillaries, refractories, glass etc.
Exports was Rs 32.78 crore during FY21, which is lower by 18% over FY20. The lower exports were mainly on account of lower demand due to continued slow down and lockdowns imposed in view of the second wave of COVID reported in UK, US and other European countries.
On a a consolidated basis, the Murugappa Group company reported net profit of Rs 5.30 crore in the fourth quarter compared with net loss of Rs 0.77 crore in the same period last year. Net sales increased by 75.6% to Rs 45.15 crore in Q4 FY21 over Q4 FY20. Pre-tax profit in Q4 March 2021 stood at Rs 7 crore as against pre-tax loss of Rs 0.59 crore in Q4 March 2020.
The company's wholly owned subsidiary in Thailand, Wendt Grinding Technologies, achieved sales of Rs 18.30 crore during the year with the PAT of Rs 2.42 crore.
The company's other wholly owned subsidiary in Sharjah, Wendt Middle East, clocked sales of Rs 2.70 crore during the year with the PAT of Rs 0.11 crore. Considering the challenging business conditions and future viability of profitable operations in Middle East, the voluntary de-registration of WME has been initiated and is expected to be completed in the next few months.
The company's board has recommended a final dividend of Rs 20 per equity share for the year ended 31 March 2021.
Wendt India has reclassified its business into three verticals: super abrasives (diamond & CBN wheels), machine tools (grinding, dressing & honing) & precision components (hardened and ground flanges).
The scrip surged 8.22% to end at Rs 3387.15 on Friday.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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