Chennai: Chennai headquartered leading steel wheels manufacturer, Wheels India Ltd has registered a net profit of Rs 40.7 crore for the first half year. Revenues increased to Rs 1,542.1 crore, registering a growth of 27 per cent.
Over 60 per cent of the company\92s revenues come from the automotive wheels for commercial vehicles, cars, and agricultural tractors, while the balance comes from wheels/components for construction and mining equipment, air Suspension for commercial vehicles and components for energy equipment.
The net profit for Q2 was at Rs 22.7 crore. Revenues for Q2 increased to Rs 795.8 crore, registering a growth of 32 per cent.
Commenting on the performance in the first half, MD, Wheels India Ltd, Srivats Ram, said, “We have seen growth across the board in the first half, as most industry sub-segments of our business are in the up-cycle. However, inflation and ramping up on capacities are a challenge. We should complete all our planned capacity expansion by the end of this calendar year.”