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
Infrastructure Urban

Andhra Pradesh to Set Up 17 New Fire Stations with Centre's Aid

In Visakhapatnam, there are only four fire stations and eight engines—insufficient to meet the needs of the rapidly growing city.Andhra Pradesh, emergency response infrastructure, Yendada, Simhachalam, IT SEZ, Nathavalasa, ASR, Fire StationsAndhra Pradesh is set to establish 17 new fire stations in an effort to enhance its emergency response infrastructure. Of these, six stations—each equipped with one fire engine—have been planned for North Andhra. The central government has allocated Rs 2.50 billion towards this initiative, with Rs 40 million specifically designated for the North Andhr..

Next Story
Infrastructure Urban

Remsons Industries Rises After Subsidiary Secures Rs 120 Mn Order

BEE Lighting has secured a contract from a global multinational original equipment manufacturer (OEM) for the design and development of exterior vehicle lighting. The contract, valued at Rs 120 million, was awarded by an international entity and is set to be executed immediately, indicating its strategic importance and urgency. The company clarified that there is no involvement of the promoter or promoter group in the awarding entity, and the transaction does not qualify as a related party transaction under regulatory guidelines. This development underscores BEE Lighting’s increasing role in..

Next Story
Infrastructure Urban

Interarch Building Solutions Wins Contract from Auto OEM

Interarch Building Solutions, formerly operating under the name Interarch Building Products, has secured a significant contract valued at Rs 450 million from a leading automobile original equipment manufacturer (OEM). The project involves the execution of a comprehensive pre-engineered steel building solution, marking a major addition to the company’s growing portfolio in the infrastructure segment.Under the terms of the contract, Interarch will be responsible for the complete scope of work, which includes the design, engineering, manufacturing, supply, and erection of a pre-engineered steel..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?