Revenues up 78% at Rs. 911.2 crores
Chennai headquartered auto components manufacturer Wheels India Ltd. has registered a 186% rise in its Net Profit at Rs. 21.2 crores for the Q2 ended 30th September 2021 as compared to Rs. 7.4 crores registered in corresponding quarter of the previous year. Revenues for Q2 ended 30th September 2021 went up 78% to Rs. 911.2 crores as compared with Rs. 510.9crores in the Q2 ended 30 th September 2020.
Half Year Net Profit at Rs. 31.3 crores
For the half year ended 30th September 2021, Wheels India registered a Net Profit of Rs. 31.3 crores as compared to a loss of Rs. 30.8 crores in the first half of the previous year. Revenues for the half year ended 30th September 2021 went up to Rs. 1585.8 crores as compared to Rs. 722.9 crores registered in the first half of the previous year.
Commenting on the performance, Srivats Ram, MD, Wheels India Ltd., said: “The quarterly sales growth on a year on year basis was across all industry segments. The growth in the export business was strong in the construction equipment, agricultural equipment and windmill industries. This trend, in terms of growth of exports, is likely to sustain.”
Exports represented 25% of Sales for the quarter.
On the outlook, Srivats said: “There is some sign of improvement in the commercial vehicle segment from a low base in the previous year. Export schedules are not affected by the semiconductor shortages, as the segments the company serves are not affected by this. The company is making further investments to service export requirements in the coming year. There is a concern that rising commodity prices continue to be a challenge.”
Wheels India Ltd. is a leading manufacturer of wheels for trucks, buses, agricultural tractors, construction equipment, utility vehicles and passenger cars with manufacturing plants at Tamil Nadu, Maharashtra, Uttar Pradesh and Uttarakhand and a combined overall annual capacity of 10.3 million wheels. Over 50% of the company’s business accrues from the manufacture of automotive wheels for commercial vehicles, agricultural tractors and cars while the balance comes from wheels / components for construction & mining equipment, air suspension for commercial vehicles and components for energy equipment & railway bogie frames.