Companies

Wheels India posts 72 per cent rise in Q3 profit 

BL Chennai Bureau | | Updated on: Feb 02, 2022
Srivats Ram, Managing Director, Wheels India Ltd

Srivats Ram, Managing Director, Wheels India Ltd | Photo Credit: BIJOY GHOSH

Reports growth in Q3 exports across segments

Wheels India Ltd has reported a 72 per cent increase in standalone net profit at ₹21 crore for the December 2021 quarter, as against ₹12 core in the corresponding quarter of the previous year.

Total revenues grew 57 per cent to ₹1,007 crore, as against ₹642 crore in the December 2020 quarter, supported by a strong growth in exports, which stood at just over 26 per cent of the overall sales at the end of Q3. 

“The company has had the fifth sequential quarter of growth in exports, with good growth in Q3 exports across segments. We expect the growth trend in exports to continue. On the domestic front, while the tractor and CV [commercial vehicles] segment saw a slowdown in November and December, we expect the CV business to improve in Q4,” said Srivats Ram, Managing Director, Wheels India Ltd. 

For the nine months ended December 31, 2021, the company reported a net profit of ₹52 crore, as against a net loss of ₹19 crore in the year-ago period. Total revenues stood at ₹2,593 crore (₹1,365 crore). 

Published on February 02, 2022
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