Source : PTI | Steel wheels manufacturer for trucks, agricultural tractors, passenger vehicles and construction equipment, Wheels India Ltd has drawn up plans of INR 200 crore as capital expenditure for the current financial year, a top official has said. The capital expenditure would be spent on offload tractors, construction and also in the cast aluminium, machining for windmill casting segments, company MD Srivats Ram said here.
Wheels India reported a 64.3% increase in its net profits for the March 2024 quarter at INR 36.8 crore, as against INR 22.4 crore registered in the same period of last year.
Revenues during the quarter under review stood at INR 1,167 crore as compared to INR 1,172 crore registered a year ago.
Ram said exports did well for the company in FY24 registering a 24.5% growth largely driven by the United States and other markets while Europe continuing to remain ‘sluggish’.
The hydraulics business did particularly well both in exports and in terms of profitability, he added.
On the outlook for the year, he said, “we are cautiously optimistic about the prospects for FY25. New programmes with global customers are likely to begin in Q4 of this year.”
“We expect the second half of the year to show some growth post the monsoon season including the construction and commercial vehicle segments,” he said.
