Abrasives and precision component manufacturer Wendt India on Wednesday reported standalone profit after tax at Rs 11.45 crore for the October-December 2022 quarter.
The Murugappa group company had registered a standalone profit after tax at Rs 6.76 crore during corresponding quarter of previous year.
In a BSE filing, the company said the increase in profit was "majorly due to higher sales and continued focus on operational efficiency measures and cost control".
For the nine month period ending December 31, 2022 the standalone net profit after tax stood at Rs 27.67 crore as against Rs 19.13 crore registered same period last year.
Total income on standalone basis for the third quarter ending December 31, 2022 grew to Rs 50.87 crore from Rs 39.48 crore registered year ago.
The standalone total income during the April-December 2022 period went up to Rs 143.14 crore from Rs 120.16 crore registered in same period of last year.
The company on a standalone basis achieved total sales of Rs 46.91 crore during the quarter under review which was 30 per cent higher than the corresponding quarter of previous year.
The domestic sales was Rs 34.70 crore during the quarter ending December 31, 2022 which was 34 per cent higher than corresponding quarter of last year. "This is on account of higher sales to almost all user industries like auto, auto ancillaries, engineering, steel, bearings, glass," the company said.
Exports during the quarter grew by 47 per cent to Rs 12.21 crore on account of higher offtake from the United States, Russia, Indonesia, United Kingdom and Spain.
The Board of Directors have declared an interim dividend of Rs 30 per share (300 per cent on face value of equity shares of Rs 10 each), the company said.