Wendt (India) records Standalone Sales of Rs 1896 Lakhs
The revenue was impacted because of lockdown
The Board of Directors of Wendt (India) met today and approved the unaudited financial results for the quarter ended 30thJune’2020.
The company resumed operations from 30th April’2020, hence having very negligible sales during the 1st month of the quarter. The revenue was impacted because of lockdown to prevent spread of COVID 19. However, there is a progressive improvement in the business during the subsequent months, resulting in profits for the month of May’20 and June’20.
On a Standalone basis, the Company achieved sales of Rs.1896 lakhs during the current quarter as against Rs 3364 lakhs in Q1 of the previous year.
The Domestic sales has been Rs.1252 lakhs and Exports at Rs. 644 lakhs during Q1 of current year, Sales is lower on account of sluggish demand from almost all major user industries and partial lockdown in various parts of the country due to COVID 19 pandemic.
Accordingly, the Profit After Tax (PAT) for the current quarter has been Rs.8 lakhs as against Rs 385 lakhs during Q1 of the previous year.
On a Consolidated basis, Company’s sales stood at Rs. 2218 lakhs for the current quarter as against Rs 3942 lakhs in Q1 of the previous year with the PAT of Rs.41 lakhs as against Rs 359 lakhs in Q1 of the previous year.
Consequent to the outbreak of the COVID-19 pandemic and the lockdown/curfew introduced by the Central and State Government, the operations in the Company’s manufacturing plant had to be shut down and were disrupted from 23rd March 2020 onwards.
With the easing of the lockdown / curfew and the Government permitting operations with limited work force, with necessary permission from the local authorities, the Company resumed operations from 30th April’2020.
The ensuing restrictions have had a significant impact on our operational and financial performance in the quarter. Our revenue and profitability for the quarter were significantly impacted as compared to the same quarter previous year.