Wheels India net rises 72% on exports

Wheels India Ltd. reported a 72% jump in standalone net profit for the third quarter ended December to ₹20.60 crore.

Revenue from operations grew 57% to ₹1,006 crore, the company said in a statement. Exports rose 66% to ₹267 crore, according to an official.

Export sales accounted for about 26% of overall sales. Segment wise, auto components made up 55% of sales, while 37% came from industrial components. “The company has had the fifth sequential quarter of growth in exports, with good growth in Q3 exports across segments,” said Srivats Ram, MD. “We expect the growth trend in exports to continue. On the domestic front while the tractor and CV [commercial vehicle] segments saw a slowdown in November and December, we expect the CV business to improve in Q4,” he said.

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Printable version | May 30, 2022 2:19:50 pm |