CHENNAI: Automobile wheel maker Wheels India Ltd said on Monday that it closed FY24 with a higher net profit of Rs 67.9 crore.

According to Wheels India, the company closed FY24 with a revenue of Rs 4,619 crore (FY23 - Rs 4,345 crore) and a net profit of Rs 67.9 crore (FY23 - Rs 62.5 crore).

The company's Board has recommended a dividend of Rs 7.39 per share.

“Exports did well for us in FY24, registering a 24.5 per cent growth. Earthmover wheels, aluminium wheels, and hydraulic cylinders were the prime drivers of growth on the export front. The company’s air suspension business did well along with growth in the bus market,” said Srivats Ram, Managing Director, Wheels India.

“We have been able to profitably ramp up the machining of windmill castings and will continue to grow this business. Another area with a lot of promise for growth, both in the domestic and export markets, is hydraulic cylinders,” he added.