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Wheels India records net profit at Rs 10.13 cr for June quarter

05:04 PM Jul 30, 2021 | PTI

Wheels India Ltd, manufacturers of wheels for trucks, buses and tractors on Friday reported net profit at Rs 10.13 crore for the quarter ending June 30, 2021.

The city-based TVS Group company had reported a net loss at Rs 38.23 crore during corresponding quarter previous year.

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Revenues during the quarter under review stood at Rs 675.01 crore as against Rs 212.03 crore in the same quarter last fiscal.

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In a statement, the company said the growth during the first quarter was driven by strong demand in exports in almost all business segments.

Exports currently comprise over 25 per cent of revenues.

"The lockdown following the second wave of the COVID- 19 pandemic resulted in severe demand and supply restrictions in May followed by a recovery in June," Wheels India MD, Srivats Ram said.

"The trend of strong exports across segments will continue," he said.

Expressing concern over the steep rise in steel price, he said, "we hope there is some moderation in the commodity prices in the latter part of the year".

Wheels India currently has manufacturing plants in Tamil Nadu, Maharashtra, Uttar Pradesh and Uttarakhand and a combined overall annual capacity of 10.3 million wheels, the statement added.

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