Wheels India rose 2.96% to Rs 706.70 after the company said it has sold its non-core, small sized fabrication plant located at Deoli in Maharashtra for Rs 12 crore.
The plant was acquired by Bengaluru-based Zetwerk Manufacturing Business.In 2019-20, the Deoli plant reported turnover of Rs 36.02 crore and derived profit after tax (PAT) of Rs 2.85 crore.
On a consolidated basis, Wheels India reported net profit of Rs 9.77 crore in Q1 June 2021 as against net loss of Rs 43.71 crore in Q1 June 2020. Net sales rose 236.84% to Rs 729.10 crore in Q1 June 2021 over Q1 June 2020.
Wheels India, promoted by the TVS Group, is India's largest auto component manufacturers. It is one of the largest steel wheel manufacturers in the world. The company also manufactures air suspension kits for trucks and buses.
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