Expect momentum in exports to continue: Wheels India

Chennai, Jan 29 (PTI): Steel wheels-manufacturer WheelsIndia was able to grow reasonably during the quarter endingDecember 2020 and was expecting the momentum to continue, atop official of the company said on Friday.

The TVS Group company, declaring its financial resultsfor the October-December quarter, said the firm witnessed a30.4 per cent rise in its net profits to Rs 12 crore comparedto Rs 9.2 crore during the same quarter last fiscal.

The revenue went up by 9.77 per cent at Rs 640 crorefrom Rs 583 crore.

Commenting on the performance, managing directorof Wheels India Srivats Ram said, ''We have seen a decentperformance in all segments other than commercial vehicles(bus) in particular and railways. The tractor andconstruction equipment saw a strong demand.'' ''We have been able to grow our exports reasonably inthis period. We expect the momentum in exports to continuealthough there is some concern due to the escalation incommodity prices,'' he said.

Exports constitute about 20 per cent of its sales andserves over 40 customers globally.

During the quarter, Wheels India said it commencedshipment of cast aluminium wheels to the United States fromits new facility located in neighbouring Thervoy Kandigai,the company said.