Wheels India Q1 net profit at INR 10.7 cr; revenue at INR 1057 cr, Auto News, ET Auto

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Wheels India Q1 net profit at INR 10.7 cr; revenue at INR 1057 cr

New Delhi: Steel Wheels manufacturer Wheels India Ltd. reported on a net profit of INR 10.7 crores for the Q1 FY23 as compared to INR 10.1 crores registered in Q1 FY22. Revenues for the quarter stood at INR 1057.1 crores compared to INR 675.1 crores registered in the same quarter in the previous year.

Srivats Ram, MD, Wheels India Ltd., said, “The demand for trucks, agricultural tractors, and passenger vehicles in India were healthy, albeit with semiconductor shortages affecting some segments. There was notable growth in the CV segment from the low base of the previous year.”

“While there remain prospects for growth in exports, there are early signs of a slowdown in the global economy,” he added.

In terms of the challenges faced, Srivats Ram said, “In the industrial component segment, there were significant additional logistical costs that were incurred to meet customer schedules.”

Wheels India is a leading manufacturer of wheels for trucks, agricultural tractors, passenger vehicles and construction equipment; air suspension systems for trucks and buses, and industrial components for the construction and windmill industry with manufacturing plants in Tamil Nadu, Maharashtra, Uttar Pradesh and Uttarakhand.

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Profit before tax stood at INR 50 crore registering 40% growth, against INR 27 crore in the prior year, the company said in a regulatory filing.

Revenue from operations, however, increased to INR 2,818.38 crore for the Q1 FY23 compared to INR 1,910 crore in the year-ago period, the company said.