Wheels India zooms 20% as Q2 profit more than doubles

The stock zoomed 20% to Rs 1,970, also its all-time high on the BSE.

Wheels India zoomed 20% to Rs 1,970, also its all-time high on the BSE, after the company reported a more than double net profit at Rs 26.41 crore in September quarter (Q2FY18). The company recorded one-time gain of Rs 12.49 crore on account of slump sale of the passenger car steel wheels business to WIL Car Wheels.

The auto parts & equipment company had profit of Rs 12.41 crore in a year ago quarter.

Revenue for the quarter under review grew 11% at Rs 607 crore in Q2FY18 against Rs 546 crore in the corresponding quarter of previous