Wheels India reports Q1 net at Rs 10.7 cr

Wheels India Ltd has reported a net profit at Rs 10.7 crore for the April-June 30, 2022 quarter, the company said on Tuesday.

The city-based manufacturer of wheels for trucks, agricultural tractors, passenger vehicles and construction equipment, has reported net profit at Rs 10.1 crore during corresponding quarter previous year.

''The demand for trucks, agricultural tractors and passenger vehicles in India was healthy, albeit with semiconductor shortages affecting some segments,'' company Managing Director, Srivats Ram said in a company statement.

Revenues during the quarter under review grew to Rs 1,057.1 crore from Rs 675.1 crore recorded last year.

''There was a notable growth in the commercial vehicle segment from the low base of the previous year,'' Ram said.

''While, there remain prospects for growth in exports, there are early signs of slowdown in the global economy,'' he added.