Q4 Consolidated Performance: Sales higher by 22 %, PAT higher by 5%
The Board of Directors of Wendt (India) Ltd met today and approved the audited financial results for the quarter and year ended 31st Mar’2024.
Standalone Results
On a Standalone basis, the Company achieved sales of Rs. 20626 lakhs during the year ended 31st Mar’2024, which is 8% higher than the previous year. The domestic sales recorded Rs. 15682 lakhs during the year ended 31st Mar’2024, which is higher by 14 % than the previous year. This is on account of higher sales to major user industries like auto, auto ancillaries, steel, bearings, ceramics, cutting tools, engineering etc.
Exports was Rs. 4944 lakhs during the year ended 31st Mar’2024, lower by 7 % over the previous year. The exports were lower due to geopolitical uncertainties and recession across majority of the countries.
Accordingly, the Profit After Tax (PAT) for the current year is Rs. 3950 lakhs, which is 2 % lower than the previous year. The decrease in profit is primarily due to change in product mix and increase in cost.
The Company achieved total Sales of Rs. 6492 lakhs for the quarter ended 31st Mar 2024, which is 21% higher than the corresponding quarter previous year with PAT of Rs. 1309 lakhs, which is 5% higher than the corresponding quarter last year.
Consolidated Results
On a Consolidated basis, Company’s sales stood at Rs. 22482 lakhs for the current year, which is 8% higher than the previous year with the PAT of Rs. 4095 lakhs, which is 2% higher than the previous year.
The Company achieved Sales of Rs. 6947 lakhs for the quarter ended 31st Mar 2024 which is 22% higher than the corresponding quarter previous year and PAT of Rs. 1338 lakhs, which is 5% higher than the previous year.
Subsidiary Company
The Company’s wholly owned subsidiary in Thailand, Wendt Grinding Technologies Ltd, achieved Sales of Rs. 2145 lakhs during the year with the PAT of Rs. 164 lakhs.
Dividend
The Board of Directors have recommended final dividend of Rs. 20 /- per share (200 % 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 22nd July’2024. With the Company having declared an interim dividend of Rs. 30 /- per share (300 % on face value of equity shares of Rs 10/- each) at its Board Meeting held on 19th January’2024, the total dividend for the year ended March 31, 2024 is Rs. 50 /- per share ( 500 % of the face value of equity shares of Rs. 10/- each).