CHENNAI: Wheels India has registered an increase in its net profit at Rs 25.37 crore for the Q1 ended 30 th June 2024 as compared to Rs 13.22 crore registered in the comparative quarter of the previous year.
Gross revenues for Q1 ended June 30, 2024 stood at Rs 1,088.20 crore as compared to Rs 1,133.02 crore registered in the Q1 ended June 30, 2023.
Srivats Ram, MD, Wheels India, said “A change in product mix, our increased focus on cost control and some improvement in the CV business has contributed to the strong profit growth in Q1.”
On the immediate growth prospects, Srivats said, “While the overall growth prospects on domestic and export business are muted, we expect the hydraulic cylinder business and cast aluminium wheel business to grow in the second half of the year.”
Wheels India has a capex plan of Rs 225 crore for this year towards expansion of the cast aluminium and machining for windmill castings businesses, apart from agri/earth moving wheels and hydraulic business.
It is planning to increase the production of aluminium wheels from the current level of 25,000 wheels per month to 40,000 wheels per month in the H2 of the year.