Wheels India profit up 18.6% to Rs 15.3 cr in Q3, revenues rise 32.8%

Company says said there was a slowdown in cars and trucks in the latter part of the third quarter, but export markets remained firm

Leading steel wheels manufacturer, Wheels India Limited, has reported an 18.6 rise in net profit for the third quarter ended December 31, 2018, at Rs 15.3 crore, from Rs 12.9 crore a year ago. 

Revenues for the quarter ended December 31, 2018 went up 32.8 per cent to Rs 786 crore from Rs 591.9 crore in the quarter ended December 31, 2017.

Srivats Ram, MD, Wheels India Ltd, said that there was a slowdown in the car and truck segments towards the latter part of the third quarter. However, the quarter saw strong growth in export markets.

In recent years, the company has expanded its presence in the non-wheels segment. Over 65 per cent of its revenues come from the automotive wheels for commercial vehicles, cars, and agricultural tractors, while the rest comes from Wheels/Components for construction & mining equipment, air suspension for commercial vehicles and components for energy equipment.