Companies

Wheels India records net profit of ₹10.13 crore in first quarter of FY22

Our Bureau Chennai | Updated on July 30, 2021

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

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.

Published on July 30, 2021

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