Wheels India Q1 net rises 25% to ₹13 crore
The Hindu
Exports strong at 25% of sales
Wheels India Ltd.’s standalone net profit for the June quarter rose 25% to ₹13 crore from the year earlier on growth in air suspension business and exports.
Revenue increased 7% to ₹1,124 crore, the manufacturer of wheels for trucks, agricultural tractors and passenger vehicles said in a statement.
“In Q1, amid a muted domestic market, exports were strong at 25% of our sales. There was a strong demand for buses in the latter part of Q1,” said MD Srivats Ram.
On the business outlook for FY24, he said, “We believe that the domestic wheel business should pick up post monsoon, in the second half.”
In the last week of July, the NCLT approved the merger of Sundaram Hydraulics with Wheels India.
“We believe that there is a strong prospect to grow the hydraulic cylinder business with our existing customers,” he said in response to a query.
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