Aided by exports and machining of windmill castings, Wheels India reported a 64.3 per cent growth in net profit for the fourth quarter of 2023-24. The company’s PAT increased to ₹36.8 crore. The company’s Board has recommended a dividend of ₹7.39 per share.
On the BSE today, the Wheels India share rose 19.89 per cent (₹117.05) to close at ₹705.60.
The company registered revenues of ₹1,167 crore for Q4 ended March 31, 2024 compared to ₹1,172 crore in the Q4 ended March 31, 2023. FY24 net profit up 8.6 per cent at ₹67.9 crore (₹67.9 crore).
Revenues for the full year ended March 31, 2024 increased 6.3 per cent to ₹4,619 crore, compared to ₹4,345 crore registered in the previous year ended March 31, 2023.
Commenting on the performance, Srivats Ram, MD, Wheels India Ltd., said, “Exports did well for us in FY24 registering a 24.5 per cent growth. Earthmover wheels, aluminium wheels and hydraulic cylinders were the prime drivers of growth on the export front. The company’s air suspension business did well along with growth in the bus market.”
On the newer segments for Wheels India, Srivats said, “We have been able to profitably ramp up machining of windmill castings and will continue to grow this. Another area with a lot of promise for growth, both in the domestic and export markets, is hydraulic cylinders.”
On the Outlook, Srivats said, “We are cautiously optimistic about the prospects for FY25.
Wheels India is a manufacturer of wheels for trucks, agricultural tractors, passenger vehicles, and construction equipment, air suspension systems for trucks and buses, and industrial components for the construction and windmill industry. It has manufacturing plants in Tamil Nadu, Maharashtra, Uttar Pradesh, and Uttarakhand.