Auto Parts & Equipment company Wheels India announced Q2FY23 results: Wheels India Q2 Net Profit at Rs. 15.14 crore. Revenues up 22 % at Rs. 1,109.2 crores Wheels India registered a Net Profit of Rs. 25.8 crores as compared to Rs. 31.3 crores in H1FY23 H1FY23 Revenues are up 37% at Rs. 2,166 crores as compared to Rs.1586 crores registered in H1FY23 Commenting on the performance, Srivats Ram, MD, Wheels India Ltd., said, “The revenue growth was driven by a good recovery in the domestic CV market. Exports have been impacted especially in retail segments in the US & EU.” On the outlook, Srivats said, “We expect Air Suspension business to do well in the second half on the back of the recovery in the bus segment. It is expected that Q4 revenues will be decent across segments.” Result PDF
Auto Parts & Equipment firm Wheels India Announced Q1FY23 Result : Wheels India Q1 Net Profit at Rs. 10.7 crores; Revenues at Rs. 1057 crores Wheels India Ltd. has registered a Net Profit of Rs.10.7 crores for the Q1 ended 30th June 2022 as compared to Rs.10.1 crores registered in the corresponding quarter last year. Revenues for Q1 ended 30th June 2022 increased to Rs. 1057.1 crores as compared to Rs. 675.1 crores registered in Q1 ended 30th June 2021. Commenting on the performance, Srivats Ram, MD, Wheels India Ltd., said "The dem agricultural tractors and passenger vehicles in India was healthy, albeit with semiconductor shortages affecting some segments. There was a notable growth in the CV segment from the low base of the previous year. While, there remain prospects for growth in exports, there are early signs of slowdown in the global economy" In terms of the challenges faced, Srivats Ram said, "In the industrial component segment, there were significant additional logistical costs that were incurred to meet customer schedules." Result PDF