Chennai-headquartered automotive components manufacturer Wheels India Ltd. has registered a 186% rise in its net profit at Rs 21.2 crore for the Q2 ended September 30, 2021 as compared to Rs 7.4 crore registered in the corresponding quarter of the previous year. Revenues for Q2 ended September 30, 2021 went up 78% to Rs 911.2 crore as compared with Rs 510.9 crore in the Q2 ended September 30, 2020. For the half year ended September 30, 2021, Wheels India registered net profit of Rs 31.3 crore as compared to loss of Rs 30.8 crore in the first half of the previous year. Revenues for the half year ended September 30, 2021 went up to Rs 1,585.8 crore as compared to Rs 722.9 crore registered in the first half of the previous year.
Commenting on the performance, Srivats Ram, Managing Director, Wheels India Ltd., said, “The quarterly sales growth on a year-on-year basis was across all industry segments. The growth in the export business was strong in the construction equipment, agricultural equipment and windmill industries. This trend, in terms of growth of exports, is likely to sustain.” On the outlook, Srivats said, “There is some sign of improvement in the commercial vehicle segment from a low base in the previous year. Export schedules are not affected by the semiconductor shortages as the segments the company serves are not affected by this.”
“The company is making further investments to service export requirements in the coming year. There is a concern that rising commodity prices continue to be a challenge,” he added.