Wendt India domestic sales slip 4%

Chennai: The board of directors of Wendt (India) Ltd have announced the financial results for the quarter ended 30 June and stated that on a standalone basis, the company achieved sales of Rs 33.64 crore, eight per cent lower than the corresponding period of last year.

Domestic sales have been at Rs 24.47 crore, four per cent lower than the corresponding period of last year. This is on account of sluggish demand from automobile and related sectors like engineering and cutting tools, said a release from the firm.

Exports were 16 per cent lower than the corresponding period of last year at Rs 9.17 crore, mainly on account of global slowdown and lower offtake from Europe, Russia and China, said the release.

Accordingly, the profit after tax (PAT) for the current quarter has been lower by 14 per cent at Rs 3.85 crore.

On a consolidated basis, the company’s sales stood at Rs 39.42 crore for the current quarter which is five per cent lower than the corresponding period of last year with the PAT of Rs 3.59 crore, down 33 per cent.

NT Bureau