The News Scroll 28 May 2020  Last Updated at 4:37 pm | Source: PTI

COVID-19 enforced lock-down hits Wendt India production, supply chain

COVID-19 enforced lock-down hits Wendt India production, supply chain
Chennai, May 28 (PTI): Wendt India Ltd, engaged in manufacture of super abrasives, machines and precision component segments, on Thursday said the COVID-19 enforced lockdown has hit the company''s production and also disrupted supply chain activities.

The company, a part of the diversified conglomerate Murugappa Group, on Thursday declared its fourth quarter and full year financial results.

In a notification on the stock exchanges, the company said due to impact of COVID-19, it witnessed interruption in production and also in supply chain during the lockdown.

Critical manufacturing processes and operations and supply of goods commenced from April 30 after obtaining necessary permission from the government authorities with limited workforce, it said.

Wendt India has also put in place standard operating procedures and guidelines as required by the state government to prevent the spread of coronavirus.

On financial performance, the company said it recorded profits after tax for the year ending March 31, 2020 at Rs 10. 03 crore as against Rs 15.42 crore registered same period last financial year.

Total income for the January-March 2020 quarter on consolidated basis slipped to Rs 27.14 crore from Rs 37.62 crore registered year ago.

For the year ending March 31, 2020 consolidated total income stood at Rs 148.08 crore as against Rs 166.98 crore registered year ago.

On the performance of Wendt Grinding Technologies Ltd, Thailand,the subsidiary recorded another year of commendable performance despite the turbulent economic situation and subdued economic activities.

During the year ending March 31, 2020 the company achieved sales of Rs 23.37 crore lower four per cent than recorded previous year.

The profits after tax for the year ending March 31, 2020 was higher by seven per cent to Rs 4.14 crore.

The board of directors which met here on Thursday recommended a dividend of Rs 25 per share (250 per cent on face value of equity shares of Rs 10 each), it said.PTI VIJ SS PTI PTI

Disclaimer :- This story has not been edited by Outlook staff and is auto-generated from news agency feeds. Source: PTI
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