Wheels India posts Rs 15.14 crore profit in the September quarter

2 Nov 2022 , 09:43 AM

The company that makes steel wheels for automobiles, Wheels India Ltd, announced on Tuesday that its net profit for the three months ending September 30, 2022, was Rs15.14 crore. The business posted net profits of Rs 21.2 crore for the same quarter the year before.

The company’s net profits for the six months ended September 30, 2022, were Rs25.8 crore as opposed to Rs31.3 crore reported for the same period the previous year. In comparison to the same period last year, when the quarter ended September 30, 2022, revenues increased to Rs1,109 crore from Rs911 crore.

In comparison to the same period previous year, revenues increased to Rs 2,166 crore for the six months ending September 30, 2022, from Rs1,586 crore. An excellent domestic CV market recovery was the primary driver of revenue increase. According to the company’s managing director Srivats Ram, exports have been affected, particularly in the retail divisions in the United States and the European Union.

According to the company, production of massive castings for windmills has started at its plant in Thervoy Kandigai. Over 23% of the company’s overall revenue in the first half of the year came from exports.

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