Wheels India

Wheels India pegs to double hydraulics business in next 2-3 years: MD

Wheels India Ltd, a manufacturer of wheels for trucks, passenger vehicles and construction equipment, after witnessing market opportunities in the exports segment, expects to double its hydraulics business over the next two-three years, a top official said. The contribution from the hydraulics business to Wheels India Ltd is currently at Rs 150 crore, company managing director Srivats Ram said. "There are a lot of export opportunities in the hydraulics business and we are expanding to meet the global requirements. We are a supplier to a manufacturer in Europe and North America... We are confident of doubling the hydraulics business in the next 2-3 years from the current level of over Rs 150 crore," Ram said, while declaring the company's financial performance here. Wheels India was proceeding with its plan committing Rs 225 crore towards capital expenditure for this year, he said. The city-headquartered company has already earmarked about Rs 225 crore for taking up expansion of the

Wheels India records strong net profit of Rs 25cr in Q1 due to cost control

Leading manufacturer of wheels for trucks, tractors and passenger vehicles Wheels India Ltd has reported a net profit of Rs 25.37 crore for the April-June 2024 quarter, thanks to cost control measures and change in the product mix, a top official of the company has said. The city-based company had recorded a net profit of Rs 13.22 crore in the corresponding quarter last year. "A change in the product mix, increased focus on cost control and some improvement in the CV (commercial vehicles) business has contributed to the strong profit in Q1," Wheels India Ltd MD Srivats Ram said. Total revenues during the quarter under review stood at Rs 1,088.20 crore, as against Rs 1,133.02 crore in the same quarter last year. Wheels India has earmarked Rs 225 crore as capital expenditure for the current financial year towards taking up expansion of the cast aluminium and machining for windmill castings businesses. The company is planning to increase the production capacity of aluminium wheels fr

Wheels India shares zoom 19% on healthy Q4 results; up 23% in 5 sessions

The uptick came after the company posted a strong set of Q4 numbers. Wheels India's net profit soared 79 per cent on a year-on-year (Y-o-Y) basis to Rs 38.3 crore

Stocks to watch on May 21: Oil India, India Cements, Signature Global

Despite tech shares propelling the Nasdaq Composite to record highs, most Asia-Pacific markets saw declines

Wheels India Q3 results: Net profit at Rs 12.58 cr amid low-demand

Wheels India, a company manufacturing wheels for trucks and passenger vehicles, has registered a net profit of Rs 12.58 crore for the October-December 2023 quarter, attributing it to the impact of low-demand tractor and mining wheel segments, the company said on Tuesday. The Chennai-headquartered company registered a net profit of Rs 15.36 crore during the corresponding quarter of the last financial year. Revenues during the quarter under review grew to Rs 1,131 crore driven by a strong recovery in exports, as compared to Rs 1,018 crore registered in the same period of last year. Export revenues stood at Rs 307 crore for the quarter under review as compared to Rs 205 crore recorded in the corresponding quarter of last year. "The profits in Q3 were impacted by low demand in the tractor and mining wheel segments and by the floods that affected our Padi plant in the first week of December 2023. There was no power for a week at the plant and we were not able to run it to full capacity i

Wheels India pegs domestic wheel business to pick-up post monsoon

Wheels India, manufacturer of wheels for trucks, tractors, passenger vehicles and construction equipment, expects the domestic wheel business to pick up during the second half of the year, according to a top official. The city-based company had registered a 24.2 per cent rise in its net profit for the April-June 2023 quarter at Rs 13.3 crore, from Rs 10.7 crore registered in the same period of last year. Revenues during the quarter under review grew by 6.74 per cent to Rs 1,124 crore, from Rs 1,053 crore recorded in the corresponding period of last year. "In Q1 amidst a muted domestic market, exports were strong at 25 per cent of our sales. There was a strong demand for buses in the latter part of Q1," Wheels India Ltd MD, Srivats Ram said. "We believe that the domestic wheel business would pick up post monsoon, in the second half," he said on the outlook for the company. In July, the National Company Law Tribunal approved the merger of Sundaram Hydraulics Ltd with Wheels India,

Strong growth expected in bus segment this year, says Wheels India official

Wheels India, manufacturer of wheels for trucks, tractors, passenger vehicles and construction equipment, expects the bus segment to post a strong growth during the current financial year, a top official said on Wednesday. The company also expects 'some growth' in the goods segment of the commercial vehicle industry, Wheels India Ltd chairman S Ram said here. The demand for commercial vehicles was driven by the government's infrastructure drive, higher utilisation of fleets and replacement demand in FY23, he said while addressing the shareholders virtually, during the 64th annual general meeting. "This year, there is expected to be some growth in the goods segment of the CV industry and strong growth in the bus segment driven by modernisation drive (undertaken) by the STUs (state transport undertakings) and strong demand for buses for the school/office segment. This should benefit demand for Wheels India wheels and air suspension systems," he said. On the cast aluminium wheels

Wheels India reports Q4 net profit of Rs 24.8 cr, earmarks Rs 200 cr capex

Automobile wheel manufacturer Wheels India Ltd has reported a net profit of Rs 24.8 crore during the quarter ending March 31, 2023, the company said on Friday. During the corresponding quarter of the previous year, it had registered a net profit of Rs 27.9 crore. For the financial year ending March 31, 2023 the company registered net profit of Rs 65.2 crore as against Rs 79.8 crore in the previous year. The board of Wheels India, which met on Thursday, has recommended a final dividend of Rs 3.97 per share. Commenting on the company's financial performance, its MD Srivats Ram said, "We registered significant growth in the air suspension division during FY2023. The CV and Earth Mover Wheel Business also did well in FY23." "Machining of large castings which was commissioned in September 2022 was ramped up towards the end of FY2023," he said. Speaking of the company's outlook, Ram said it has earmarked Rs 200 crore as capital expenditure this year towards ramping up production. The

Wheels India plans capital expenditure Rs 200 cr to ramp up production

Wheels India is looking at double digit growth to come back this year, though there is uncertainty in the overall global environment

Wheels India starts exports of wheels with advanced flow form technology

The company said the flow form technology involves the application of pressure to the inner barrel of the wheel while spinning and after it has been casted

Wheels India reports net profit at Rs 15.14 cr for July-September quarter

Wheels India Ltd, manufacturer of steel wheels for automobiles has reported net profit at Rs 15.14 crore during the quarter ending September 30, 2022, the company said on Tuesday. The company had reported net profits at Rs 21.2 crore during corresponding quarter previous year. For the half year ending September 30, 2022, the net profits of the company stood at Rs 25.8 crore as against Rs 31.3 crore registered in the corresponding period last year. Revenues for the quarter ending September 30, 2022 grew to Rs 1,109 crore as compared to Rs 911 crore registered in the same period last year. Revenues for the six-month period ending September 30, 2022 rose to Rs 2,166 crore as compared to Rs 1,586 crore recorded same period of last year. The revenue growth was driven by a good recovery in the domestic CV market. Exports have been impacted especially in retail segments in the United States and European Union, company Managing Director Srivats Ram said. The company has commenced product

Railways floats tender for 80k 'Make in India' wheels every year: Vaishnaw

The Railways has drawn up a blueprint to become an exporter of wheels and on Friday a tender was floated to build a wheel plant which would manufacture at least 80,000 wheels every year, Railway Minister Ashwini Vaishnaw said on Friday. This is for the first time that the Railways has floated a tender to invite private players to build a wheel plant and make wheels for high speed trains in India, he said. Indian Railways needs two lakh wheels per year. According to the plan, while Steel Authority of India Limited (SAIL) will provide one lakh wheels, the rest will be provided by a new 'Make in India' plant. Addressing a press briefing, Vaishnaw said the tender will be awarded on the condition that the plant will be exporter of wheels too and the export market will be Europe. The tender mandates that the plant has to be set up within 18 months, Vaishnaw said. The wheels of the Vande Bharat train were stuck in war-torn Ukraine and had to be airlifted to meet the timelines set for thei

Wheels India reports 6% rise in Q1 net profit as CV demand rises

Senior executive says 'early signs of slowdown in global economy'

Wheels India expects demand for cast aluminium wheels to grow this year

Wheels India Ltd, manufacturers of wheels for automobiles on Thursday said it expects the demand for cast aluminium wheels to grow this year, according to a top company official

Sensex ends choppy day 145 pts down; Vedant Fashions up 9%, SBI falls 2%

Among individual stocks, Bharti Airtel, M&M, HDFC, Kotak Bank, Nestle India, and Dr Reddy's Labs were the only Sensex gainers today

Auto parts maker Wheels India Q2 net nearly triples to Rs 21 cr on growth

Revenue for Q2 went up 78% to Rs 911 crore from Rs 511 crore during the July-to-September period of 2020-21

Wheels India net profit up 30% at Rs 12 cr in Q3, revenue rises 10%

During the third quarter, the Company began its first shipment of cast aluminum wheels to the US from its newly commissioned plant in Thervoy Kandigai

Wheels India reports net profit of Rs 7.43 cr in September quarter

The company reported a revenue of Rs 510.84 crore in Q2FY21 compared to the Rs 595.63 crore reported in the same period last year

Titan Europe likely to sell 10% stake in Wheels India valued at Rs 60 cr

The firm has been reducing stake gradually in the company

Wheels India Q2 net profit slips to Rs 226.7 mn, income rises 32.8%

The total income grew 32.8% to Rs 8.05 billion during the quarter