Wheels India Ltd., a leading manufacturer of steel wheels for passenger cars, utility vehicles, trucks, buses, agricultural tractors and construction equipment, registered a turnover of Rs. 518 crores for Q2 ended September 30, 2015 as compared to Rs. 515 crores registered in the same period last year. Revenues for the first half stood at Rs. 1,010 crores (Rs. 1,004 crores).
Wheels India’s net profit for the second quarter stood at Rs. 9.27 crores as compared to Rs. 9.51 crores in the corresponding period last year. Net profit for H1 ended September 30, 2015, stood at Rs. 17.04 crores against Rs. 17.32 crores in the H1 ended September 30, 2014.
Commenting on the performance in the first half of the year, Mr. Srivats Ram, Managing Director, Wheels India Ltd., said: “The recovery of the CV market has offset the decline in agricultural tractor and off-road export markets.”
On the outlook for the second half of the year, he said: “The truck and car market is expected to grow in the second half. At the same time, the domestic and global agricultural, construction and mining markets are likely to contract from the current levels due to low commodity prices. We continue to see growth in the energy component business.”
Over 50 per cent of Wheels India’s revenue comes from wheels for CVs and passenger cars, with the rest coming from the agricultural tractor, construction equipment, mining industry and air suspension systems. The company is hopeful of growth in the air suspension segment in the second half of the year.
Mr. Srivats observed: “We have started manufacture of lift air suspension for multi-axle trucks. We expect this new business along with the bus air suspension business to grow in the second half.”
Wheels India has a diversified customer base with over 30 customers globally. While about 80 per cent of the company’s business comes from the domestic market, it exports wheels for off-road construction equipments and agricultural applications to Japan, Korea, the US, Brazil, Belgium, South Africa, China and Indonesia.