Comments
TVS Group’s auto parts maker Wheels India recorded a net profit of ₹10.13 crore for the quarter-ended June 30, 2021 when compared with a loss of ₹38.23 crore in the lockdown-hit year-ago quarter.
The company’s revenues stood at ₹675.01 crore for the first quarter of this fiscal as compared to ₹212.03 crore registered in the same quarter the previous year.
“The company’s growth in Q1 has been driven by a strong demand in exports in almost all its business segments. Exports currently contribute to over 25 per cent of the company’s revenues,” according to a statement.
“The lockdown following the second wave of the pandemic resulted in severe demand and supply restrictions in May followed by a recovery in June. The company participated in relief efforts to the communities affected by the second wave of the pandemic. The trend of strong exports across segments will continue,” said Srivats Ram, MD, Wheels India.
However, the steep rise in steel price remains a concern and the company hopes that there will be some moderation in the commodity prices in the latter part of the year.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.