CHENNAI: Wheels India has seen a 24.8 per cent rise in its net profit for Q1 ended 30 June 2023 at Rs 13.3 crore as compared to Rs 10.7 crore registered in the corresponding quarter of the previous year.
Revenues for Q1 ended 30 June 2023 went up 7 per cent to Rs 1,124 crore against Rs 1,053 crore registered in the same period the previous year.
Srivats Ram, MD, Wheels India, said, “In Q1, amidst a muted domestic market, exports were strong at 25 per cent of our sales. There was a strong demand for buses in the latter part of Q1.” In the last week of July, the NCLT approved the merger of Sundaram Hydraulics with Wheels India. Noting that there is a strong prospect for the hydraulic cylinder business with its existing customers, Srivats also said “we believe the domestic wheel business should pick up post monsoon, in the second half.”