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Auto parts maker Wheels India has reported a 30.4% increase in its net profit at ₹12 crore for the third quarter ended December 31, 2020 compared to ₹9.2 crore registered in the same period previous fiscal.
For December 2020 quarter, the revenue went up by 9.8 per cent to ₹640 crore from ₹583 crore registered in the same period last year.
The Company exports around 20 per cent of its sales and has a diversified customer base with over 40 clients globally.
“We have seen a decent performance in all segments other than CV (Bus, in particular) and Railways. The Tractor and Construction Equipment segment saw strong demand. We have been able to grow our exports reasonably in this period,” said Srivats Ram, MD, Wheels India.
In Q3, the Company commenced its first shipment of cast-aluminum wheels to the US from its newly commissioned plant at Thervoy Kandigai near Chennai.
On the outlook, Ram said: “We expect the momentum we have in exports to continue although there is some concern due to the escalation in commodity prices.”
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