Expect export momentum to continue: Wheels India

Chennai

The TVS Group company, declaring its financial results for the October-December quarter, said the firm witnessed a 30.4 per cent surge in its net profits to Rs 12 crore for the quarter ended December 31, 2020, against Rs 9.2 crore in the comparative period of the previous year. The revenue went up by 9.77 per cent at Rs 640 crore from Rs 583 crore.

Srivats Ram, MD, Wheels India Ltd., said, “We have seen a decent performance in all segments other than CV (Bus, in particular) and Railways. The Tractor and Construction Equipment segment saw strong demand. We have been able to grow our exports reasonably in this period.”

On the outlook, he said, “We expect the momentum we have in exports to continue although there is some concern due to the escalation in commodity prices.”

Exports constitute about 20 per cent of its sales and serves over 40 customers globally.

During the quarter, Wheels India said it commenced shipment of cast aluminium wheels to the US from its new facility located in neighbouring Thervoy Kandigai, the company said.