Wheels India Q1 net grows 5%

Prospects for export growth remain, but there are early signs of slowdown in the global economy: Srivats Ram

August 02, 2022 06:48 pm | Updated 07:15 pm IST - CHENNAI

Srivats Ram

Srivats Ram | Photo Credit: S.R.Raghunathan

Steel wheels manufacturer Wheels India Ltd. recorded a 5.2% growth in standalone net profit for the first quarter ended June to ₹10.7 crore.

Revenue from operations rose 57% to ₹1,053 crore, while material costs rose 66% to ₹822 crore, the company said in regulatory filing.

“The demand for trucks, agricultural tractors and passenger vehicles in India was healthy, albeit with semiconductor shortages affecting some segments,” said Srivats Ram, MD.

“There was a notable growth in the commercial vehicle segment from the low base of the previous year,” he added.

“While, there remain prospects for growth in exports, there are early signs of slowdown in the global economy,” he pointed out.

On challenges faced, he said: “In the industrial component segment, there were significant additional logistical costs that incurred to meet customer schedules”.

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