Wheels India records 64.3% rise in Q4 net at Rs 36.8 cr

Chennai: Wheels India Ltd has reported a 64.3 per cent rise in its net profit for the January-March 2024 quarter at Rs 36.8 crore on the back of exports doing well, the company said.

The city-based manufacturer of wheels for trucks, agricultural tractors, passenger vehicles had registered a net profit of Rs 22.4 crore during the corresponding quarter of last year.

For the year ending March 31, 2024 the net profits of the company grew by 8.6 per cent to Rs 67.9 crore from Rs 62.5 crore registered in same period last year.

Commenting on the financial performance, company Managing Director, Srivats Ram said, "exports did well for us in the FY24 registering a 24.5 per cent growth. Earthmover wheels, aluminium wheels and hydraulic cylinders were the prime drivers of growth on the export front." The company's air suspension business did well along with growth in the bus market, he noted.

Revenues during the quarter under review remained flat at Rs 1,167 crore as against Rs 1,172 crore registered in the same period of last year. For the year ending March 31, 2024 the revenues grew to 6.3 per cent to Rs 4,619 crore as compared to Rs 4,345 crore registered last year.

Meanwhile, the Board has recommended a dividend of Rs 7.39 per share, the company said.

On the newer segments for Wheels India, he said, "we have been able to profitably ramp up machining of windmill castings and will continue to grow this (segment). Another area with a lot of promise for growth, both in the domestic and export markets, is hydraulic cylinders."