Wheels India pegs domestic wheel business to pick-up post monsoon

Chennai: Wheels India, manufacturer of wheels for trucks, tractors, passenger vehicles and construction equipment, expects the domestic wheel business to pick up during the second half of the year, according to a top official.

The city-based company had registered a 24.2 per cent rise in its net profit for the April-June 2023 quarter at Rs 13.3 crore, from Rs 10.7 crore registered in the same period of last year.

Revenues during the quarter under review grew by 6.74 per cent to Rs 1,124 crore, from Rs 1,053 crore recorded in the corresponding period of last year.

"In Q1 amidst a muted domestic market, exports were strong at 25 per cent of our sales. There was a strong demand for buses in the latter part of Q1," Wheels India Ltd MD, Srivats Ram said.

"We believe that the domestic wheel business would pick up post monsoon, in the second half," he said on the outlook for the company.

In July, the National Company Law Tribunal approved the merger of Sundaram Hydraulics Ltd with Wheels India, the company said.

"We believe that there is a strong prospect to grow the hydraulic cylinder business with our existing customers," Ram said, on the prospects of the hydraulic cylinder business.