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Strong export growth boosts Wheels India net

Strong export growth boosts Wheels India net

Leading steel wheels manufacturer Wheels India Ltd. has posted an 18.28% rise in net profit for the third quarter ended December 2018 to ?15.27 crore compared to ?12.91 crore registered in the corresponding year-earlier period.

Revenues rose 32.77% to ?786 crore, from ?592 crore.

“There was a slowdown in the car and truck segments towards the latter part of the third quarter. However, the quarter saw strong growth in export markets,” said Srivats Ram, managing director, Wheels India.

About 80% of the firm’s business came from the domestic market, he said.

The company exported wheels, for off-road construction equipment and agricultural applications, to the U.S., Japan, Brazil, Korea, Europe and the U.K, Mr. Ram added.

In recent years, Wheels India had expanded its presence in the non-wheels segment. Over 65% of the firm’s revenue came from the automotive wheels for commercial vehicles, cars, and agricultural tractors, while the balance from wheels/components for construction and mining equipment, air suspension for commercial vehicles and components for energy equipment.

The board declared an interim dividend of ?3.25 per share.

Source :- Thehindu.com

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