Stock Market

Wheels India profit rises 30% to ₹12 crore

Wheels India Ltd. (WIL) reported that its standalone net profit rose 30.4% to ₹12 crore for the third quarter ended December 2020. Revenue from operations climbed almost 10% to more than ₹640 crore. While the revenue from automotive components grew by ₹99 crore, it contracted for industrial components by ₹5 crore. WIL began its first shipment of cast aluminium wheels to the U.S. in Q3 from its newly-commissioned plant in Thervoy Kandigai. Exports constitute about 20% of its sales and the firm has a diversified customer base with more than 40 customers globally, WIL said in a statement. “We have seen a decent performance in all segments other than commercial vehicles [buses in particular] and railways,” MD Srivats Ram said.

“The tractor and construction equipment segment saw strong demand. We have been able to grow our exports reasonably in this period,” he added.

On the outlook, he said they expected the momentum in exports to continue although there was some concern on account of escalation in commodity prices.

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