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Wheels India to spend Rs 2 billion on capex; current FY
Industry News- May 25,24
revenues for the quarter remained relatively stable at Rs 11.67 billion, slightly lower than the Rs 11.72 billion recorded a year ago.
Wheels India Ltd., a manufacturer of steel wheels for trucks, agricultural tractors, passenger vehicles, and construction equipment, has allocated Rs 2 billion for capital expenditure in the current fiscal year.
“The capital expenditure would be spent on offload tractors, construction and also in the cast aluminium, machining for windmill casting segments”, commented Srivats Ram, MD.
During the March 2024 quarter, Wheels India reported a significant increase of 64.3% in net profits, amounting to Rs 368 million compared to Rs 224 million in the corresponding period last year. However, revenues for the quarter remained relatively stable at Rs 11.67 billion, slightly lower than the Rs 11.72 billion recorded a year ago.
Ram highlighted the company's strong export performance in FY24, which saw a 24.5% growth, largely driven by the United States and other markets, while Europe exhibited sluggish growth. He emphasized the success of the hydraulics business, both in terms of exports and profitability.
Looking ahead to FY25, Ram expressed cautious optimism, citing the commencement of new programs with global customers expected in Q4 of the year. He anticipated growth in the second half of the year, particularly after the monsoon season, with positive prospects in the construction and commercial vehicle segments.
(Source: NDTV Profit)
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