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 SourceAlso read: Rajasthan govt attracts RE investments over Rs 167,000 cr Also read: Renewable energy: IEA notes record RE capacity addition in India