Wheels India records Q4 net at Rs 19.5 cr

We are in the last phase of the September quarter earnings season, and the results announced by the BSE 500 companies so far have shown signs of a sharp recovery, as compared to the June quarter, when the economic activity in the country was compromised due to lockdown in various regions. From the BSE 500 list, 216 companies have announced their September quarter results so far. We excluded banking and financial companies.  Along with the index stocks we also analyse each sector quarterly earnings. (Data Source: ACE Equity)

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Steel wheels manufacturer Wheels India Ltd has registered a 12.7 percent rise in the fourth quarter net profits ending March 31, 2018 to Rs 19.5 crore.

The city-based TVS Group company recorded net profits of Rs 17.3 crore in the corresponding quarter last year. Net profits for FY17-18 went upto Rs 71.8 crore, up by 23 percent from Rs 58.4 crore registered a year ago.

Revenue for the quarter under review went up by 26.6 percent to Rs 705 crore from Rs 557.7 crore recorded during the previous quarter, including net excise duty. For FY2017-18, revenue grew to Rs 2,469.5 crore, up by 13.4 percent from Rs 2,176.1 crore registered a year ago.

Declaring the annual performance, company Managing Director Srivats Ram said the company expects to clock double digit growth this year. "There has been strong signs of growth in the commercial vehicle industry. Mining (industry) is showing some signs of life. Actually, we are seeing double digit growth in the segments we are present in", he told reporters here.

On capital expenditure plan, he said, the Board has approved capital expenditure of Rs 122 crore for taking up expansion at its facilities in the current financial year. "After 2011-12, this is the first year we are seeing capacity expansion in all the segments that we are present in. The capacity addition should be on stream in the second half of this year", he said.

The company has manufacturing facilities in Chennai, Pune, Rampur in Uttar Pradesh and Pant Nagar in Uttarakhand with a combined overall annual capacity of 10 million wheels.

On the exports front, Ram said it contributed 16 percent to the overall group revenue. On the outlook for FY18-19, he said "we expect strong growth in domestic sales to continue. Exports are likely to grow at a faster pace". The domestic demand is driven by the replacement demand in the commercial vehicle market, government infrastructural initiatives and pro-agriculture policies, he said.