Wheels India plans Rs 100 cr capex in FY22 for wind energy sector
POWER & RENEWABLE ENERGY

Wheels India plans Rs 100 cr capex in FY22 for wind energy sector

Steel wheels maker Wheels India is planning to invest Rs 100 crore in the wind energy segment in FY22.

Srivats Ram, Managing Director, Wheels India told the media that the city-based company would consider investing a good portion for the second phase of the cast aluminium plant.

He also said that they currently have built up a capacity for 3.50 lakh wheels and would be taking it up to 7.50 lakh wheels. A capital expenditure of Rs 100 crore is being planned by Wheels India that would enter the wind segment to set up a new plant in Thervoy Kandigai near Chennai.

Wheels India has announced its financial performance for the quarter and year ending March 31, 2021.

Compared to Rs 4.6 crore in the same period last year, the company under review registered a net profit of Rs 25.5 crore for the quarter.

Revenues registered during the quarter developed to Rs 853.3 crore compared to Rs 544.7 crore registered during the corresponding period last fiscal. A dividend of Re one per share has been recommended by the board.

Net profits remained at Rs 6.7 crore for the financial year ending March 31, 2021, compared to Rs 54.1 crore registered in the same period last fiscal. Revenues reported for the year ending March 31, 2021, remained at Rs 2,215.50 crore, as against Rs 2,438.70 crore within the corresponding period last year. The company told the media that it began the first shipment of cast aluminium wheels to the US from its facility near Chennai during the third quarter of last year.

Ram told the media on the financial performance that there was strong demand in the latter part of the year with a recovery in most of their business segments by the fourth quarter, while the first quarter of last year was a washout due to the national lockdown.

He also said that they saw growth in export business, while the domestic tractor business showed strong growth within the last three quarters in FY22.

Image Source


Also read: Rajasthan govt attracts RE investments over Rs 167,000 cr

Also read: Renewable energy: IEA notes record RE capacity addition in India

Steel wheels maker Wheels India is planning to invest Rs 100 crore in the wind energy segment in FY22. Srivats Ram, Managing Director, Wheels India told the media that the city-based company would consider investing a good portion for the second phase of the cast aluminium plant. He also said that they currently have built up a capacity for 3.50 lakh wheels and would be taking it up to 7.50 lakh wheels. A capital expenditure of Rs 100 crore is being planned by Wheels India that would enter the wind segment to set up a new plant in Thervoy Kandigai near Chennai. Wheels India has announced its financial performance for the quarter and year ending March 31, 2021. Compared to Rs 4.6 crore in the same period last year, the company under review registered a net profit of Rs 25.5 crore for the quarter. Revenues registered during the quarter developed to Rs 853.3 crore compared to Rs 544.7 crore registered during the corresponding period last fiscal. A dividend of Re one per share has been recommended by the board. Net profits remained at Rs 6.7 crore for the financial year ending March 31, 2021, compared to Rs 54.1 crore registered in the same period last fiscal. Revenues reported for the year ending March 31, 2021, remained at Rs 2,215.50 crore, as against Rs 2,438.70 crore within the corresponding period last year. The company told the media that it began the first shipment of cast aluminium wheels to the US from its facility near Chennai during the third quarter of last year. Ram told the media on the financial performance that there was strong demand in the latter part of the year with a recovery in most of their business segments by the fourth quarter, while the first quarter of last year was a washout due to the national lockdown. He also said that they saw growth in export business, while the domestic tractor business showed strong growth within the last three quarters in FY22. Image SourceAlso read: Rajasthan govt attracts RE investments over Rs 167,000 cr Also read: Renewable energy: IEA notes record RE capacity addition in India

Next Story
Equipment

Handling concrete better

Efficiently handling the transportation and placement of concrete is essential to help maintain the quality of construction, meet project timelines by minimising downtimes, and reduce costs – by 5 to 15 per cent, according to Sandeep Jain, Director, Arkade Developers. CW explores what the efficient handling of concrete entails.Select wellFirst, a word on choosing the right equipment, such as a mixer with a capacity aligned to the volume required onsite, from Vaibhav Kulkarni, Concrete Expert. “An overly large mixer will increase the idle time (and cost), while one that ..

Next Story
Real Estate

Elevated floors!

Raised access flooring, also called false flooring, is a less common interiors feature than false ceilings, but it has as many uses – if not more.A raised floor is a modular panel installed above the structural floor. The space beneath the raised flooring is typically used to accommodate utilities such as electrical cables, plumbing and HVAC systems. And so, raised flooring is usually associated with buildings with heavy cabling and precise air distribution needs, such as data centres.That said, CW interacted with designers and architects and discovered that false flooring can come in handy ..

Next Story
Infrastructure Urban

The Variation Challenge

A variation or change in scope clause is defined in construction contracts to take care of situations arising from change in the defined scope of work. Such changes may arise due to factors such as additions or deletions in the scope of work, modifications in the type, grade or specifications of materials, alterations in specifications or drawings, and acts or omissions of other contractors. Further, ineffective planning, inadequate investigations or surveys and requests from the employer or those within the project’s area of influence can contribute to changes in the scope of work. Ext..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?