CHENNAI: Chennai-based Wheels India has registered an increase of 5.65% in its net profit for Q3 ending December 31, 2015. It posted Rs 5.98 crore net profit as compared to Rs 5.66 crore registered in the corresponding quarter of the previous year. Revenues for Q3 stood at Rs 470 crore as compared to Rs 477 crore registered last Q3.
The company’s net profit for the nine months ending December 2015 was Rs 23.02 crore as compared to Rs 22.98 crore last year. Revenues for nine months stood at Rs 1480 crore. “Exports contribute to over 20% of the revenues and the company will continue to leverage on its strong presence in select overseas markets and target to increase its contribution from exports,” said the company in a release.
The company, which has a diversified customer base with over 30 customers globally, exports wheels for off-road construction equipment and agricultural applications to Japan, Korea, US, Brazil, Belgium, South Africa, China and Indonesia.
Over 50% of Wheels India’s revenue comes from automotive wheels for trucks and cars with the balance coming from wheels for agricultural tractors and construction equipment, air suspension systems and energy equipment parts.
Srivats Ram, MD, Wheels India, said: “Our CV business has registered decent growth based on the recovery in the M & HCV segment, and we are hoping that this will continue into Q4 as well.”
Wheels India is a leading manufacturer of steel wheels for passenger cars, utility vehicles, trucks, buses, agricultural tractors and construction equipment. The company has manufacturing plants at Padi, Pune, Rampur, Bawal, Sriperambudur and Pantnagar with a combined overall annual capacity of 16 million wheels.
