Wheels India reported a standalone net profit of ₹10.66 crore in the first quarter against the net profit of ₹10.13 crore in the corresponding quarter of the previous year impacted by the pandemic. On a sequential basis, the net profit for the latest quarter was 62 per cent lower than ₹27.86 crore that the steel wheels maker posted in the March 2022 quarter.

Standalone total revenue grew by 57 per cent year-on-year to ₹ 1,057.08 crore (₹675.11 crore) during Q1FY23. However, high cost of raw material pulled down the profitability with total expenses jumping 58 per cent to ₹ 1,042.84 crore (₹661.2 crore).

“The demand for trucks , agricultural tractors and passenger vehicles in India was healthy, albeit with semiconductor shortages affecting some segments. There was a notable growth in the CV segment from the low base of the previous year,” Srivats Ram, MD, Wheels India Ltd., said in an earnings press release.

“While, there remain prospects for growth in exports, there are early signs of slowdown in the global economy,” he added.