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CHENNAI: Driven by better product mix, low aluminium prices and improved exports, Wheels India has registered just over 64% rise in net profit for Q4FY24 at nearly Rs 37 crore compared to Rs 22.4 crore in the year ago period. Revenues at Rs 1167 crore for Q4 were however, a little lower than the Rs 1,172 crore in Q4FY23.
For the full year FY 2023-24, net profit was up 8.6% at nearly Rs 68 crore compared to Rs 62.5 crore in FY23.Revenue for the full year increased 6.3% to Rs 4619 crore compared to Rs 4345 crore in FY23. The company has announced a total final dividend of Rs 7.39 per share.
Srivats Ram, MD, Wheels India, said that the company has lined up capex of over Rs 200 crore for FY25. And while “exports did well in FY24 registering a 24.5% growth, European markets are still sluggish but the US market rebound has helped,” he said. For FY25, exports will remain “flatish as the new programmes for global customers will start only in Q4”.
For FY24, the sectors that did well for the company were earthmover wheels, aluminium wheels and hydraulic cylinders which “were the prime drivers of growth on the export front while the company’s air suspension business did well along with growth in the bus market,” he added.
On the newer segments for Wheels India, he said that the company has been “able to profitably ramp up machining of windmill castings and will continue to grow this.” Another area with a lot of promise for growth, both in the domestic and export markets, is hydraulic cylinders, he added.
For the full year FY 2023-24, net profit was up 8.6% at nearly Rs 68 crore compared to Rs 62.5 crore in FY23.Revenue for the full year increased 6.3% to Rs 4619 crore compared to Rs 4345 crore in FY23. The company has announced a total final dividend of Rs 7.39 per share.
Srivats Ram, MD, Wheels India, said that the company has lined up capex of over Rs 200 crore for FY25. And while “exports did well in FY24 registering a 24.5% growth, European markets are still sluggish but the US market rebound has helped,” he said. For FY25, exports will remain “flatish as the new programmes for global customers will start only in Q4”.
For FY24, the sectors that did well for the company were earthmover wheels, aluminium wheels and hydraulic cylinders which “were the prime drivers of growth on the export front while the company’s air suspension business did well along with growth in the bus market,” he added.
On the newer segments for Wheels India, he said that the company has been “able to profitably ramp up machining of windmill castings and will continue to grow this.” Another area with a lot of promise for growth, both in the domestic and export markets, is hydraulic cylinders, he added.
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