Wheels India net profit slides Rs 54.1 cr from 75.7 cr, bets on windmill, agri segments

Chennai

Srivats Ram, MD, Wheels India attributed the slowing economy for the decline in sales of major industry segments, with the commercial vehicle segment being worst-affected. “The declining sales along with the COVID-19 lockdown impact in the last month affected sales and profits.” Despite the odds, the company is upbeat about “sales of agricultural tractors and windmill business to remain at around the previous year levels. We see robust business in windmill and railways business,” he added.

In the windmill segment, Wheels India has started participating in global tenders. “So we will be part of the global supply chain for global manufacturers. While this will take 9-12 months to fructify, we will stand in good stead in this segment starting 2022,” Ram elaborated.

Noting that the agri tractor segment too has been showing uptick on the back of favourable monsoon and Centre’s infra and rural investment push, he said “Our tractor segment looks promising and the offtake is healthy.”