Wheels India reports 72% yoy growth in PAT for Q3FY22; Stock zooms ~2%

2 Feb 2022 , 10:29 AM

Wheels India Ltd., a leading steel wheels manufacturer, has reported a 72% YoY rise in its net profit (PAT) for the quarter ended December 2021. Wheels India is a leading player in manufacturing wheels for trucks, agricultural tractors, buses, cars, and utility vehicles representing more than 50% of the companies’ sales.

Wheels India is currently trading 2.38% or Rs 16.70 higher at Rs 717.80 against its previous closing price of Rs 701.10. Its scrip has touched an intraday high and low of Rs 718.20 and Rs 702.50 respectively.

The company’s PAT stood at Rs 20.60 crore for Q3 FY’22 as against Rs 12 crores for the previous corresponding quarter, up by 72% y-o-y.
Its revenue for the quarter ended December 2021 stood at Rs 1,007.18 crore as against Rs 641.74 crore for the previous corresponding quarter, registering a growth of 57% YoY.

Commenting on the performance, Srivats Ram, MD, Wheels India Ltd., said “the company has had the fifth sequential quarter of growth in exports, with good growth in Q3 exports across segments. We expect the growth trend in exports to continue. On the domestic front, while the Tractor and CV segment saw a slowdown in November and December, we expect the CV business to improve in Q4.

Contribution from exports continued to witness steady growth and stood at just over 26% of the overall sales at the end of Q3.