Wheels India Q2 net up 40.99% at Rs 13.07 cr

Wheels India, a TVS Group company and manufacturer of steel wheels, has recorded 40.99 per cent rise in net profit for the quarter ending September at Rs 13.07 crore on the back of growth in its non-wheel business.
The net profit of the company stood at Rs 9.27 crore during the corresponding quarter of the previous year, according to Wheels India Managing Director Srivats Ram.
"The first quarter (of this financial year) was good. But in the second quarter, there was strong decline in the CV (Commercial Vehicle) business. The majority of growth, almost 55 per cent, was contributed from our non-wheel business. Rest is from wheel segment", he told reporters here.

"At the beginning of this financial year, we had a feeling that the company will grow by 10 per cent. But the CV business was similar to last year's numbers. I think it will be muted in terms of our top line growth", he said.
Total revenues for the second quarter ending September 30, 2016 increased 5.41 per cent to Rs 546 crore as compared to Rs 518 crore registered in the same quarter of last year.
Over 50 per cent of business for Wheels India comes from wheels for CVs and passenger cars while the rest is from the agricultural tractor, construction, mining equipment, air suspension systems and energy equipment parts.