Strong growth in export markets, Wheels India Q3 net at Rs 15.3 crore

Revenues for the quarter ended December 31, 2018 went up 32.8 pc to Rs 786 cr from Rs 591.9 cr registered in the quarter ended December 31, 2017. The company has registered a 7 pc rise in its net profit for the nine months ended December 31, 2018 at Rs 55.9 cr against Rs. 52.30crores registered in the nine months ended December 31, 2017. Revenues for the nine months ended December 31, 2018 went up to Rs 2333.8 cr from Rs 1808.3 cr registered in the nine months ended December 31, 2017. The profits of previous nine months ended December 31, 2017 included an exceptional item – profit on slump sale of its passenger car steel wheel business to its subsidiary WIL Car Wheels Ltd. 

Srivats Ram, MD, Wheels India, said, “There was a slowing down of the car and truck segments towards the latter part of the third quarter. However, the quarter saw strong growth in export markets.” In recent years, the Company has expanded its presence in the non wheels segment. Over 65 pc of the revenues come from the automotive wheels for commercial vehicles, cars, and agricultural tractors, while the balance comes from wheels/components for construction and mining equipment, air suspension for CVs and components for energy equipment.

Wheels India has manufacturing plants at five locations with a combined overall annual capacity of 10 million wheels. Wheels India has a diversified customer base with over 40 customers globally. Around 80 pc of its business comes from the domestic Indian market. The company exports wheels for off-road construction equipment and agricultural applications to US, Japan, Brazil, Korea, Europe and the UK.