Chennai (Tamil Nadu) [India], May 18 : Wheels India on Thursday posted an 11.11 per cent drop in its net profit to Rs 24.8 crore for the quarter ended March 31, 2023, against Rs 27.9 crore in the year-ago period.
Revenues for the quarter ended March 31, 2023, went up 6 per cent to Rs 1,169.2 crore as compared to Rs 1,101.3 crore registered in the fourth quarter ended March 31, 2022. The company registered an 18.29 per cent drop in its net profit to Rs 65.2 crore for the year ended March 31, 2023, against Rs 79.8 crore registered in the year-ago period.
Revenues for the year ended March 31, 2023, went up 18 per cent to Rs 4,332.1 crore as compared to Rs 3,686.7 crore in the year ended March 31, 2022.
The Board of Wheels India has recommended a final dividend of Rs 3.97 per share. The company had in January 2023 declared an interim dividend of Rs 3 per share for the FY 2022-23.
Srivats Ram, Managing Director, Wheels India, said, "We registered significant growth in Air Suspension Division during FY 2023. The CV (commercial vehicle) 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."
On the outlook, Srivats said, "Despite the uncertain global environment, exports are showing positive signs. We are confident that strong relationship with customers will ensure export growth this year."
Wheels India was set up as a joint venture between TVS and Dunlop, UK, in 1960. The company is a supplier of wheels as original equipment to all major vehicle manufacturers in the country. Wheels India entered into collaboration with Titan, the world leader in off-highway vehicle wheels relating to earthmoving, construction and agricultural equipment, according to TVS Group's website.
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