Wendt India reports net profit at Rs 2.79 crore in July-September

: Wendt India Ltd on Thursday

clocked consolidated net profits at Rs 2.79 crore for the quarter ending September 30, 2020.

The Murugappa Group company recorded consolidated net profits at Rs 5.01 crore during the corresponding quarter last year.

For the half-year ending September 30, 2020, the consolidated profits stood at Rs 3.20 crore against Rs 8.60 crore registered the same period last fiscal.

For the year ending March 31, 2020, the consolidated net profit was at Rs 10.03 crore, a company statement said.

The total income for July-September quarter on a consolidated basis slipped to Rs 33.44 crore from Rs 45.23 crore registered a year ago.

For the half-year ending September 30, 2020, the total income declined to Rs 57.51 crore from Rs 85.95 crore.

The statement said the company had on a standalone basis achieved sales for Rs 29.08 crore during the quarter under review which was 22 per cent lower than the corresponding quarter the last year.

Exports posted sales for Rs 7.12 crore during the quarter under review which was 52 per cent lower than the corresponding period last year.

The sales were lower on account of supply chain disruption due to the COVID-19 enforced lockdown and sluggish market demand from China, the United States and Germany.

Meanwhile, the company said the current CEO and Executive Director Rajesh Khanna would be stepping down from his role after serving Wendt India for 38 years and he would be succeeded by C Srikanth who would assume the charge effective November 1.

The board approved Khanna to be as a non-executive director considering his domain knowledge, expertise and rich experience, the statement added.