The Board of Directors of Wendt (India) Ltd met today and approved the audited financial results for the year ended 31st March'2020.
On a standalone basis, the Company achieved sales of Rs.12037 lakhs during the year ended 31st March'2020, which is 14% lower than the previous year. The company had a truncated Mar'2020 sales due to temporary suspension of its operations announced with effect from 23rd March'2020 in line with the Government advisory to prevent the spread of COVID 19 and had an adverse impact on the performance.
Accordingly, the Profit After Tax (PAT) for the current year is Rs.934 lakhs, which is 31% lower than the previous year.
On a Consolidated basis, the Company's sales during the current year was at Rs 14063 lakhs, which is 13% lower than the previous year. The PAT for the current year of Rs.1003 lakhs, which is 35% lower than the previous year.
The Company's wholly owned subsidiary in Thailand, Wendt Grinding Technologies Ltd, recorded yet another year of commendable performance despite the turbulent economic situation and subdued economic activities. During the year, the subsidiary achieved Sales of Rs. 2337 lakhs which is 4% lower than the previous year. However, the PAT was Rs. 414 lakhs, higher by 7% over the previous year.
The Company's other wholly owned subsidiary in Sharjah, Wendt Middle East, clocked sales of Rs.151 lakhs during the year, resonating the slowdown in Middle East owing to continued oil crisis, uncertainty and difficult market situation.
The Board of Directors have recommended a dividend of Rs 25 /- per share (250 % on face value of equity shares of Rs 10/- each) out of the current year's profits. The payment of dividend is subject to the approval of shareholders in ensuing Annual General Meeting of the company to be held on 24th July'2020.
Shares of WENDT (INDIA) LTD. was last trading in BSE at Rs.1985.6 as compared to the previous close of Rs. 2010. The total number of shares traded during the day was 161 in over 69 trades.
The stock hit an intraday high of Rs. 2063.1 and intraday low of 1913.05. The net turnover during the day was Rs. 322872.