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Wheels India has reported an impressive performance both for the second quarter and the first-half period of this fiscal, mainly due to good traction in non-wheel business.
For the quarter ended September 31, 2016, the company posted an increase of 41 per cent in its net profit at ₹13 crore against ₹9 crore in a year-ago period. Revenues grew by five per cent at ₹546 crore against ₹500 crore.
In the non-wheel segment, air suspension and wind energy equipment businesses contributed to its growth in the Q2 and H1, despite steep decline in commercial vehicle business, according to Srivats Ram, Managing Director, Wheels India.
In the wheel business, passenger cars, utility vehicles, agricultural tractors and construction equipment did well, the disappointment was in its key business segment - CV. “After a good start in Q1, we had a steep decline in CV business in the Q2,” he added.
For the half-year ended September 30, 2016, the company’s net profit grew by 62.5 per cent at ₹28 crore against ₹17 crore in the first-half of previous fiscal. Its revenues stood at ₹1,080 crore against ₹1,010 crore, an increase of seven per cent.
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