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Wheels India Q2 Net Profit at Rs.15.14 cr

Revenues for Q2 went up by 22% to Rs.1,109 crore from Rs.911 crore registered in the corresponding quarter of the previous year.

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Chennai: Wheels India Limited today announced that it has registered a net profit of Rs.15.14 crores for the second quarter that ended

on September 30 as against Rs.21.2 crore for the same period last year.

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Revenues for Q2 went up by 22% to Rs.1,109 crore from Rs.911 crore registered in the corresponding quarter of the previous year.

For the half year ended September 32, Wheels India registered a Net Profit of Rs.25.8 crores compared to Rs.31.3 crores in the first half of the previous year.

Revenues for the half year went up by 37 per cent to Rs.2,166 crores as compared to Rs.1,586 crores registered in the first half of the previous year.

The Company has commenced production of machining of large castings for the Windmills at its plant in Thervoy Kandigai.

Export contribution stood at over 23 percent of the company’s overall revenues for H1.

Talking to reporters, Company MD Srivats Ram said the revenue growth was driven by a good recovery in the domestic CV market.

“Exports have been impacted especially in retail segments in the US and EU”, he said.

On the future outlook, Srivats said “We expect the Air Suspension business to do well in the second half on the back of the recovery in the bus segment.”

It is expected that Q4 revenues will be decent across segments, he added.

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