Wheels India registers 24.5 % growth in exports in FY24

Driven by a strong product mix, Wheels India has registered a 64.3 % rise in its Net Profit for Q4 ended 31st March 2024 at Rs.36.8 crores compared to Rs. 22.4 crores registered in the corresponding quarter of the previous year. 

The company registered revenues of Rs. 1167 crores for Q4 ended 31st March 2024 compared to Rs. 1172 crores in the Q4 ended 31st March 2023

FY24 Net Profit up 8.6 %

The net profit for the full year ended 31st March 2024 was up 8.6 % at Rs. 67.9 crores as compared to Rs. 62.5 crores registered in the previous year ended 31st March 2023. Revenues for the full year ended 31st March 2024 increased 6.3 % to Rs. 4619 crores compared to Rs. 4345 crores registered in the previous year ended 31st March 2023.

The Board of the Company has recommended a dividend of Rs.7.39 per share.

Commenting on the performance, Srivats Ram, MD, Wheels India Ltd., said, “Exports did well for us in FY24 registering a 24.5 % growth. Earthmover wheels, aluminium wheels and hydraulic cylinders were the prime drivers of growth on the export front. Our air suspension business did well along with growth in the bus market”

On the newer segments for Wheels India, Srivats said “We have been able to profitably ramp up machining of windmill castings and will continue to grow this. Another area with a lot of promise for growth, both in the domestic and export markets, is hydraulic cylinders.”

Sharing an outlook for the market, Srivats said, “We are cautiously optimistic about the prospects for FY25. New programmes with global customers are likely to begin in Q4 of this year. We expect the second half of the year to show some growth post the monsoon season including in the construction and CV segments.”

Srivats also shared that Wheels India’s export growth in FY24 was driven largely by the US and other markets, with Europe continuing to be sluggish. He added that the company’s hydraulics business did particularly well both in exports growth and in terms of profitability.

During the current fiscal, Wheels India is planning a capex of over Rs. 200 crores for the offload tractor and construction segments. The capex will also be spent on cast aluminium and machining for windmill castings segments.