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

Related Stories

Gold Stories

Next Story
Infrastructure Urban

Sabarmati Riverfront Two Plots Up for Auction at Rs2.24 bn Base Price

Two commercial plots on the western bank of the Sabarmati Riverfront will be auctioned with a base price of Rs 112 crore each, equivalent to Rs 1.12 bn apiece and Rs 2.24 billion in total. The parcels are located adjacent to the Metro Rail Bridge in Ahmedabad and form the first commercial offering after a prolonged pause. The Riverfront Development Corporation has framed the sale as part of a phased commercial release to revive development along the riverfront. The combined base valuation has been set by the corporation to reflect market rates along the riverfront. The corporation has fixed a ..

Next Story
Infrastructure Urban

Andhra Pradesh to Connect Over One Million Streetlights

Andhra Pradesh will undertake a statewide smart streetlighting programme across all 123 Urban Local Bodies (ULBs), bringing around 1.05 million (mn) streetlights under an AI enabled monitoring and management system. The programme will be implemented by Energy Efficiency Services Limited (EESL) with the Commissioner and Director of Municipal Administration under the state Municipal Administration and Urban Development Department. The project aims to convert conventional streetlighting into a digitally managed municipal service monitored and maintained remotely. The initial phase will cover abou..

Next Story
Infrastructure Urban

AMC To Procure Four Machines For Guard Rail Cleaning

Ahmedabad Municipal Corporation will introduce four specialised machines for cleaning guard railings along major roads and the central verges of BRTS and Metro corridors. The civic body plans to replace manual labour with mechanised cleaning to improve maintenance of road infrastructure and greenery. The purchase is estimated at Rs 82.8 million (mn), excluding GST. The proposal sets the base price of each machine at about Rs 20.7 million (mn) so four units total Rs 82.8 million (mn) before GST. 18 per cent GST will be applicable separately. During the warranty period each machine will operate ..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement