Domestic demand to improve in CV wheel segment in Q4: Wheels India

Steel wheels manufacturer Wheels India expects the domestic demand to improve in the commercial vehicle wheel segment during the current January-March 2025 quarter, a top official said.

The city-headquartered company also hopes to grow its exports in the coming year through new product programmes, Managing Director Srivats Ram said on Tuesday.

Wheels India declared its financial results for the October-December 2024 quarter with net profits of Rs 22.57 crore, as compared to Rs 12.58 crore in the corresponding quarter of the last financial year.

The net profits for the nine months ending December 31, 2024, surged to Rs 69.86 crore, from Rs 31.04 crore registered a year ago. "In terms of strong growth in Q3, we continued to benefit from lower raw material prices, favourable product mix and productivity and cost improvements," Ram said regarding financial performance.

Revenues during the quarter under review stood at Rs 1,058 crore, as against Rs 1,131 crore registered in the same period a year ago.

For the nine month period ending December 31, 2024, the revenues were at Rs 3,230 crore as against Rs 3,452 crore recorded in the same period of the last financial year.

The Board approved an interim dividend of Rs 4.50 per share.

Speaking on the company's outlook, Ram said, "We expect the domestic demand to improve in the CV wheel segment in Q4. While our exports have fallen this year due to cyclicity in off-road product ranges, we hope to grow our exports in the coming year, through new product programmes."  Wheels India produces wheels for trucks, agricultural tractors, passenger vehicles, construction equipment, and others. It has manufacturing facilities in Tamil Nadu, Maharashtra, Uttar Pradesh and Uttarakhand.