Wheels India's March quarter profit up y-o-y by 64.3%

22 May 2024 , 08:51 AM

Wheels India Ltd. announced that strong export sales contributed to a 64.3% increase in net profit for the January–March 2024 quarter, totaling ₹36.8 Crore. In the same quarter of the previous year, the Chennai-based producer of wheels for trucks, tractors, and passenger cars reported a net profit of ₹22.4 Crore.

The company’s net income for the year ended March 31, 2024, increased by 8.6% to ₹67.9 Crore from ₹62.5 Crore during the same period the previous year.

Srivats Ram, the Managing Director of the company, commented on the financial performance, saying, “We had good export growth in FY24, with a 24.5% increase in exports.” The main factors propelling expansion on the export front were hydraulic cylinders, aluminium wheels, and earthmoving wheels.”

He said that the company’s air suspension division performed well in tandem with the expansion of the bus industry.

Compared to the same period previous year, when revenues were recorded at ₹1,172 Crore, revenues during the reviewed quarter stayed unchanged at ₹1,167 Crore. Revenues increased to ₹4,619 Crore for the year ended March 31, 2024, from ₹4,345 Crore the previous year, a 6.3% increase.

According to the corporation, the Board has recommended a dividend of ₹7.39 per share.

He commented, “We have been able to profitably ramp up machining of windmill castings and will continue to grow this (segment)” in reference to Wheels India’s more recent segments. Hydraulic cylinders are another sector that has a lot of promise for expansion in both the home and international markets.”

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