Wheels India Q3 net up to Rs 22.57 cr

CHENNAI: Wheels India has registered a substantial increase in its net profit for the Q3 ended December 31, 2024 at Rs 22.57 Crore compared to Rs. 12.58 crore registered in the corresponding quarter of the previous year.

The company registered revenues of Rs 1,058 crore for Q3 ended December 31, 2024 against Rs 1,131 crore in the Q3 ended 31 st December 2023.

For the nine months ended December 31, 2024, Wheels India registered a robust growth in net profit at Rs 69.86 crore compared to Rs 31.04 crore registered in the comparative nine months ended December 31, 2023. The company registered revenues of Rs 3,230 crore for the nine months ended December 31, 2024 compared to Rs 3,452 crore registered in the comparative nine months ended December 31, 2023.

Srivats Ram, MD, Wheels India, said, “In terms of the strong profit growth in Q3, we continued to be benefitted by lower raw material prices, favourable product mix and productivity and cost improvements.”

On the outlook, Srivats said, “We expect the domestic demand to improve in the CV wheel segment in Q4. While our exports have fallen this year due to cyclicity in off-road product ranges, we hope to grow our exports in the coming year, through new product programmes.”