Wheels India 3qtr net more than doubles

Wheels India Ltd, engaged in manufacturing of steel wheels has clocked net profits at Rs 13.21 crore for the third quarter ending December 31, 2016. 


The Chennai-based TVS Group company, registered net profits at Rs 5.98 crore during corresponding quarter of previous year, Wheels India company said in a statement.


Total revenue for the October-December 31, 2016 went up to Rs 537 crore from Rs 470 crore registered during year ago period. 


For the nine month period ending December 31, 2016 net profits of the company surged to Rs 40.90 crore as compared to Rs 23.02 crore registered during year ago period. 


Total revenue for the nine month period ending December 31, 2016 increased to Rs 1,616 crore from Rs 1,480 crore registered during corresponding period of last year. 


The company's Board has declared an interim dividend of Rs five per share. 


"We are on track to meet our revenue growth targets for the year. The company has seen a good growth in the non-wheel business and in the domestic agricultural tractor sector.", Wheels India, MD, Srivats Ram said. 


The company which expanded its presence in non-wheels segment witnessed a strong growth in air suspension business during the first nine months of the year. The lift axle suspension also grew on a year-on-year basis. 


Over 50 per cent of Wheels India revenue comes from automotive wheels for trucks and cars while balance from wheels for agricultural tractors and construction equipment, air suspension system and energy equipment, it added.


Source:Business Standard