Wheels India profit rises 64.3% in FY24, earmarks ₹200 crore capex for FY25

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

The city-based manufacturer of wheels for trucks, agricultural tractors, and passenger vehicles had registered a net profit of ₹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 ₹67.9 crore from ₹62.5 crore registered in the 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 ₹1,167 crore as against ₹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 ₹4,619 crore as compared to ₹4,345 crore registered last year.

Meanwhile, the Board has recommended a dividend of ₹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."

Get insights into Upcoming Cars In India, Electric Vehicles, Upcoming Bikes in India and cutting-edge technology transforming the automotive landscape.