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Wheels India reports Q1 result

Auto News - Published on Thu, 16 Aug 2018

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The Hindu reported that Wheels India Ltd reported a 38% rise in its net profit for the quarter ended June 2018 at INR 18.01crore as against INR 12.98 crore in the corresponding period the previous year. Revenue for the quarter under review increased by 22% to INR 746.28 crores (INR 611.5crore).

Mr Srivats Ram managing director Wheels India Ltd said that “All our business segments have done well in the first quarter with high capacity utilization. The growth was strong on a year-on-year basis due to a weak Q1 in the previous year, prior to the introduction of GST. We expect all segments of our business to do well for the rest of the year.”

Wheels India has expanded its presence in the non-wheels segment. Over 50% of the company’s business accrues from the manufacture of automotive wheels for cars, commercial vehicles and agricultural tractors. The balance comes from wheels/components for construction and mining equipment, air suspension for commercial vehicles and components for energy equipment. The company exports wheels for off-road (construction, mining and agricultural) equipment to the US, Japan, the UK, South Korea and Brazil.

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Posted By : Joykumar Irom on Thu, 16 Aug 2018
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