On the outlook, Ram said: “Although the global economy is likely to slow down next year, we are hopeful that we can continue to grow our exports. On the domestic front, we expect the Indian economy to post reasonable growth after the elections.
Wheels India, a company that produces wheels for trucks and passenger cars, has recorded a net profit of Rs 12.58 crore for the October-December 2023 quarter, attributing this to the impact of low-demand tractor and mining wheel segments, the company said on Tuesday. .
The Chennai-headquartered company posted a net profit of Rs 15.36 crore during the corresponding quarter of the last fiscal.
Revenues during the quarter under review grew to Rs 1,131 crore on the back of a strong recovery in exports, compared to Rs 1,018 crore in the same period last year. Export revenues for the quarter under review stood at Rs 307 crore, compared to Rs 205 crore in the corresponding quarter last year.
“Q3 profits were impacted by low demand in the tractor and mining wheel segments and by the floods that hit our Padi factory in the first week of December 2023. There was no power at the factory for a week and we were unable to do not let it run at full capacity during that period,” said company MD Srivats Ram.
Speaking about the increase in exports in the October-December 2023 quarter, he said: “Despite the slowdown in the economy in some regions, we have managed to grow our exports for the fourth consecutive quarter. Compared to the third quarter of last year, the growth came from machining castings for wind turbines and hydraulic cylinders, apart from aluminum wheels,” he said.
On the outlook, Ram said: “Although the global economy is likely to slow down next year, we are hopeful that we can continue to grow our exports. On the domestic front, we expect the Indian economy to post reasonable growth after the elections.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)
First print: January 30, 2024 | 4:01 pm IST