Wheels India posts April-June quarter net at Rs 11.62 cr

: Manufacturer of steel wheels, Wheels India, on Monday recorded standalone net profits at Rs 11.62 crore for the April-June 2019 quarter.

The city-based TVS Group company had recorded net profits at Rs 18.01 crore during the corresponding quarter of the previous year.

For the financial year ending March 31, 2019 net profits of the company were at Rs 75.67 crore.

Total revenue for the quarter under review stood at Rs 713.31 crore as against Rs 748.59 crore registered in the same period last fiscal.

For the financial year ending March 31, 2019 total revenue of the company was at Rs 3,188.84 crore.

Commenting on the financial performance, Wheels India, Managing Director, Srivats Ram, told PTI the windmill segment has shown a strong growth in Q1 both in the domestic and exports market.

"The railway segment where we forayed over the last year or so is also witnessing a strong growth. The air suspension business has done well in Q1 and will be a good growth driver for the company. We expect these segments to continue to grow for the rest of the year," he said.

Shares of the company were trading at Rs 585 apiece, up by 0.31 per cent over the previous close in NSE.