Abrasives and precision components manufacturer Wendt India has reported a standalone net profit at Rs 9.25 crore for the second quarter ending September 30, 2022, the company said on Wednesday. The Murugappa Group-owned company had registered standalone net profit at Rs 7.03 crore during the corresponding quarter in the previous year.
For the half year ending September 30, 2022, standalone net profit grew to Rs 16.22 crore from Rs 12.37 crore registered a year ago. The standalone total income during the quarter under review grew to Rs 48.63 crore from Rs 42.53 crore registered in the same period last year.
For the six month period ending September 30, 2022, the standalone total income went up to Rs 92.27 crore from Rs 80.44 crore registered in the same period last year. In a statement, the company said the increase in revenue was on account of higher sales to almost all industries like automobiles, ceramics, bearings, glass, among others.
Exports made during the quarter was at Rs 11.37 crore on account of a slowdown in the global economy and lower off-take from Indonesia, China, South Korea, and the United Kingdom. "The increase in profit is majorly due to higher sales and continued focus on operational efficiency measures and cost control," the company said.
Meanwhile, the company said Muthiah Venkatachalam was appointed as a non-executive, non-independent director of the Board with effect from August 2. Venkatachalam has been serving Cholamandalam MS General Insurance as its head of retail broking, brand and financial technology partnerships, the statement added.
