Wheels India has reported a substantial increase in its net profit, reaching ₹25.37 crore for the quarter ended June 30, 2024, compared to ₹13.22 crore in the same period last year.
The company’s gross revenues for Q1 of this fiscal year were ₹1,088.20 crore, slightly down from ₹1,133.02 crore.
“A change in product mix, our increased focus on cost control, and some improvement in the commercial vehicle business have contributed to the strong profit growth in Q1,” said Srivats Ram, Managing Director of Wheels India, in a statement.
Wheels India has a capital expenditure plan of ₹225 crore for this year, aimed at expanding its cast aluminium and machining for windmill castings businesses, as well as its agricultural/earth-moving wheels and hydraulic business. The company plans to increase the production of aluminium wheels from the current 25,000 wheels per month to 40,000 wheels per month in the second half of the year.
Regarding immediate growth prospects, Srivats stated, “While the overall growth prospects for domestic and export business are muted, we expect the hydraulic cylinder business and cast aluminium wheel business to grow in the second half of the year.”