Wheels India reports 6% rise in Q1 net profit at Rs 107 mn
Equipment

Wheels India reports 6% rise in Q1 net profit at Rs 107 mn

Wheels India has reported a 6 per cent rise in net profit at Rs 107 million for the first quarter of financial year 2022-23, compared to Rs 101 million during the same time last year. The wheelmaker’s revenue for the April to June quarter increased to Rs 10.57 billion, compared to Rs 6.75 billion in the same quarter last year.

“The demand for trucks, agricultural tractors and passenger vehicles in India was healthy, albeit with semiconductor shortages affecting some segments. There was a notable growth in the CV [commercial vehicles] segment from the low base of the previous year,” said Srivats Ram, managing director of Wheels India Ltd.

“While there remain prospects for growth in exports, there are early signs of slowdown in the global economy,” he said. In terms of the challenges faced, Ram said, “In the industrial component segment, there were significant additional logistical costs that were incurred to meet customer schedules.”

The company manufactures wheels for trucks, tractors, passenger vehicles and construction equipment. It also makes air suspension systems for trucks and buses, and industrial components for the construction and windmill industry. The company has manufacturing plants in Tamil Nadu, Maharashtra, Uttar Pradesh and Uttarakhand.

See also:
Apollo Tyres launches two tyre brands for electric vehicles in India
Zoomlion unveils world’s largest tonnage all-terrain crane


Wheels India has reported a 6 per cent rise in net profit at Rs 107 million for the first quarter of financial year 2022-23, compared to Rs 101 million during the same time last year. The wheelmaker’s revenue for the April to June quarter increased to Rs 10.57 billion, compared to Rs 6.75 billion in the same quarter last year. “The demand for trucks, agricultural tractors and passenger vehicles in India was healthy, albeit with semiconductor shortages affecting some segments. There was a notable growth in the CV [commercial vehicles] segment from the low base of the previous year,” said Srivats Ram, managing director of Wheels India Ltd. “While there remain prospects for growth in exports, there are early signs of slowdown in the global economy,” he said. In terms of the challenges faced, Ram said, “In the industrial component segment, there were significant additional logistical costs that were incurred to meet customer schedules.” The company manufactures wheels for trucks, tractors, passenger vehicles and construction equipment. It also makes air suspension systems for trucks and buses, and industrial components for the construction and windmill industry. The company has manufacturing plants in Tamil Nadu, Maharashtra, Uttar Pradesh and Uttarakhand. See also: Apollo Tyres launches two tyre brands for electric vehicles in IndiaZoomlion unveils world’s largest tonnage all-terrain crane

Next Story
Products

unWOOD transforms plastic waste into durable wood alternative

unWOOD, a breakthrough innovation, is converting hard-to-recycle plastic waste into a durable alternative to natural wood. Developed through a proprietary process called Intelligent Compounding, unWOOD uses a Macro Molecular Fiber Matrix (MMFM) structure to replicate the strength, look, and feel of hardwood—without the environmental cost.Conceptualised by Dr Babu Padmanabhan, the material addresses key flaws in traditional plastic recycling by consuming minimal energy, using zero water, and generating no microplastics. “Any application that introduces plastics into areas where it cannot be..

Next Story
Real Estate

India's first AI-integrated campus announced in Noida

Yashoda Hospital and Bhutani Infra have announced plans to develop India’s first fully AI-integrated mixed-use campus in Greater Noida West. The upcoming project will feature a hospital, retail spaces, offices, SOHOs, serviced apartments, and a hotel—all operating within a self-learning, generative AI-powered ecosystem.The AI-first campus will integrate real-time data systems, predictive analytics, and adaptive infrastructure to offer personalised experiences across functions. From AI-enabled footfall tracking and dynamic energy optimisation to smart F&B and retail insights, the develo..

Next Story
Infrastructure Urban

Postal Dept Unveils Stamp Honouring 125 Years of Kodaikanal Observatory

The Department of Posts is proud to release a commemorative postage stamp celebrating 125 years of the Kodaikanal Solar Observatory (KSO). Recognising the legacy of the KSO through this special stamp is a fitting tribute to one of India’s most significant scientific institutions and highlights the nation’s long-standing contribution to global science.The Commemorative stamp was released by S Rajendra Kumar, Chief Postmaster General, Karnataka Circle in the gracious presence of A S Kiran Kumar, Chairperson, Governing Council, IIA and Former Chairman, ISRO and other esteemed guests at Indian..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?