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As interest costs rise, auto parts maker Wheels India cuts back capex by 25%

A fairly large chunk of the Rs. 150 crore in capex this year will be for a new machining plant in Thervoy Kandigai.

November 01, 2022 / 07:47 PM IST
Representational Image (Image: Shutterstock)

Representational Image (Image: Shutterstock)

Auto components maker Wheels India Ltd is looking at cutting planned capital expenditure by 25 percent this financial year because of an increase in interest costs, Managing Director Srivats Ram said on Tuesday.

“The second quarter profit number was impacted especially by interest cost increase,” Ram said at a virtual conference.

Asserting that the cost of money had gone up substantially, he said: “We are looking at holding back some of the CapEx for the moment.

Wheels India had planned to spend Rs. 200 crore in capital expenditure this year and is cutting it by about 25 percent.