Wendt Reports Rs 4376 Lakhs in Standalone Sales for Q1 2024
Wendt (India) Ltd reports ₹4376 lakhs in standalone sales for Q1 FY24, down 5% from the previous year, with a 14% decrease in highlights both the challenges faced and the company's focus on addressing the decline in export sales.
by Damodharan N
Updated Jul 24, 2024
Table of Content
Wendt (India) Ltd has announced its unaudited financial results for the first quarter ending June 30, 2024. The company's standalone sales for Q1 FY24 stood at ₹4376 lakhs, marking a 5% decline compared to the same quarter last year.
Domestic sales were ₹3468 lakhs, reflecting a 2% increase from the previous year. However, export sales fell by 23% to ₹908 lakhs, attributed to lower business from key customers in several countries. The Profit After Tax (PAT) for the quarter was ₹745 lakhs, a decrease of 14% from the corresponding quarter of the previous year.
The Board of Directors approved these results, highlighting both the challenges faced and the company's focus on addressing the decline in export sales while maintaining growth in domestic markets.
Source Here
Wendt India Q1 2024 Results
Wendt (India) Ltd has announced its financial results for the first quarter ending June 30, 2024. The company’s standalone sales for Q1 FY24 were ₹4376 lakhs, down 5% from the same period last year. Standalone Profit After Tax (PAT) for the quarter was ₹745 lakhs, which represents a 14% decrease compared to the previous year.
On a consolidated basis, the company reported sales of ₹4844 lakhs, also a 5% decrease year-over-year. The consolidated PAT stood at ₹768 lakhs, marking a 15% decline from the same quarter last year.
Key Financial Highlights:
- Standalone Sales: ₹4376 lakhs, down 5% YoY
- Standalone PAT: ₹745 lakhs, down 14% YoY
- Consolidated Sales: ₹4844 lakhs, down 5% YoY
- Consolidated PAT: ₹768 lakhs, down 15% YoY
The decline in sales and PAT was primarily due to reduced export performance, despite a 2% increase in domestic sales. The Board of Directors approved the unaudited results, noting the challenges faced and the company's focus on improving its performance in the upcoming quarters.
Wendt
Wendt India, established in 1980 as a joint venture between Wendt GmbH and The House of Khataus, is now a 37.5% joint venture with Carborundum Universal Ltd and Wendt GmbH, with the public holding 25% equity.
Known for its diverse product range, innovation, and strong technical services in grinding technology, Wendt India serves over 750 direct customers across India. The company relies on a direct sales approach through skilled sales engineers in major industrial cities and benefits from technological expertise from Wendt GmbH and ethical management practices from the Murugappa Group.
Murugappa Group
The Murugappa Group, established 123 years ago, is a major Indian conglomerate with a diverse portfolio spanning agriculture, engineering, and financial services. With a turnover of INR 742 billion, it operates through nine listed companies, including Carborundum Universal and CG Power.
The Group's wide-ranging businesses include abrasives, ceramics, auto components, and electric vehicles, among others. Known for brands like Ajax and BSA, Murugappa Group employs over 73,000 people and upholds values of integrity, quality, and responsibility.
Wendt Reports Rs 4376 Lakhs in Standalone Sales for Q1 2024 - FAQs
1. What were Wendt India's standalone sales for Q1 FY24?
The standalone sales for Wendt India for Q1 FY24 were ₹4376 lakhs.
2. How much did standalone sales decrease compared to the previous year?
Standalone sales decreased by 5% compared to the same quarter of the previous year.
3. What was the standalone Profit After Tax (PAT) for Q1 FY24?
The standalone PAT for Q1 FY24 was ₹745 lakhs.
4. How did the standalone PAT change from the previous year?
The standalone PAT decreased by 14% compared to the corresponding quarter of the previous year.
5. What were the consolidated sales for Q1 FY24?
The consolidated sales for Q1 FY24 stood at ₹4844 lakhs.
6. How much did consolidated sales decrease year-over-year?
Consolidated sales decreased by 5% compared to the same quarter of the previous year.
7. What was the consolidated PAT for Q1 FY24?
The consolidated PAT for Q1 FY24 was ₹768 lakhs.
8. How did consolidated PAT change from the previous year?
The consolidated PAT decreased by 15% compared to the corresponding quarter of the previous year.
9. What was the year-over-year change in domestic sales?
Domestic sales increased by 2% compared to the same quarter last year.
10. What was the export sales figure for Q1 FY24?
The export sales figure for Q1 FY24 was ₹908 lakhs.
11. How much did export sales decline compared to the previous year?
Export sales declined by 23% compared to the same quarter of the previous year.
12. Why did export sales decline? .
The decline in export sales was due to subdued business with some key customers in several countries.
13. What was the quarter-end date for the financial results?
The quarter-end date for the financial results was June 30, 2024.
14. Which financial results did the Board of Directors approve?
The Board of Directors approved the unaudited financial results for the first quarter ending June 30, 2024
15. What was the primary reason for the decline in PAT?
The primary reason for the decline in PAT was reduced export performance.
16. What percentage of equity does the public hold in Wendt India?
The public holds 25% of the equity in Wendt India.
17. Which two companies hold 37.5% each in Wendt India?
Wendt GmbH and Carborundum Universal Ltd each hold 37.5% in Wendt India.
18. What was the key reason for the company's focus mentioned in the results?
The key reason for the company’s focus was improving performance and addressing the decline in export sales.
19. What was the standalone PAT margin for Q1 FY24?
The standalone PAT margin was calculated as ₹745 lakhs PAT on ₹4376 lakhs sales, which is approximately 17%.
20. What was the consolidated PAT margin for Q1 FY24?
The consolidated PAT margin was calculated as ₹768 lakhs PAT on ₹4844 lakhs sales, which is approximately 15.9%.
21. How many direct customers does Wendt India serve?
Wendt India serves over 750 direct customers across the domestic market.
22. What was the percentage change in domestic sales?
Domestic sales increased by 2% compared to the same quarter last year.
23. What significant challenge impacted export sales?
The significant challenge impacting export sales was subdued business with key customers in a few countries.
24. When was Wendt India incorporated?
Wendt India was incorporated in 1980.
25. Which joint venture partners were involved when Wendt India was formed?
Wendt India was formed as a joint venture between Wendt GmbH and The House of Khataus.
26. Who acquired Khatau’s stake in Wendt India?
Carborundum Universal Ltd acquired Khatau’s stake in Wendt India in 1991.
27. What type of products does Wendt India offer?
Wendt India offers grinding technology products and related solutions.
28. How does Wendt India service its customers?
Wendt India services its customers through direct sales and highly trained application-oriented sales engineers.
29. Which group provides ethical management practices to Wendt India?
The Murugappa Group provides ethical management practices to Wendt India.
30. What technological advantage does Wendt India benefit from?
Wendt India benefits from technological expertise from Wendt GmbH.
31. How does Wendt India handle export sales issues?
Wendt India addresses export sales issues by focusing on improving business with key customers and enhancing performance.