NEW DELHI: Wheels India Ltd., a leading steel wheels manufacturer has registered a 41% rise in its net profit for Q2 ended 30th September, 2016 at Rs 13 cr as compared to Rs 9.27 cr registered in the corresponding period last year. Revenues for Q2 ended 30th September, 2016 increased 5.41% to Rs 546 cr as compared to Rs 518 cr registered in Q2 ended 30th September, 2015.
Wheels India’s net profit for the first half year ended 30th September 2016 went up 62.50% at Rs 27.69 cr as compared to Rs 17.04 cr registered in the corresponding period last year. Revenues for the first half year ended 30th September 2016 went up 6.93% to Rs 1080 cr as compared to Rs 1010 cr registered in the corresponding period last year.
Commenting on the performance in the first half, Srivats Ram, Managing Director, Wheels India Ltd., said, ‘While there was a slowdown in the CV business in Q2, the non-wheel business contributed to the Company’s growth in sales and profitability.’ Over 50% of Wheels India’s revenue comes from wheels for the CVs and passenger cars with the rest coming from agricultural tractor, construction and mining equipment, air suspension systems and energy equipment parts.
