Chennai: Wheels India Limited has registered a Net Profit of Rs.10.13 crores for the first quarter ended June 30, 2021.
The company had posted a loss of Rs.38.23 crores in the comparative quarter last year.
It has registered revenues of Rs.675.01 crores for the Q1 ended June 30, as compared to Rs.212.03 crores registered in the same quarter the previous year, a company release here today said.
The company’s growth in Q1 has been driven by a strong demand in exports in almost all its business segments. Exports currently contribute to over 25 per cent of the company’s revenues.
Company MD Srivats Ram said the lockdown following the second wave of the pandemic resulted in severe demand and supply restrictions in May followed by a recovery in June.
The company participated in relief efforts to the communities affected by the second wave of the pandemic. The trend of strong exports across segments will continue, he said, adding, the steep rise in steel price remains a concern and we hope there is some moderation in the commodity prices in the latter part of the year.