Wheels India post net profit of Rs 22.67 crore in Q2
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Steel wheels-maker Wheels India has made a net profit of Rs 22.67 crore for the second quarter ending September 30 this financial year. The company registered Rs 26.41 crore as net profit during the corresponding period last year.
The city-based TVS Group company, in a press statement, said the profits for the second quarter of last financial year (July-September 2017) included the profit-on-slump sale of its passenger car steel wheel business to its subsidiary WIL Car Wheels Ltd.
For the half-year period ending September 30, 2018, the net profit went up to Rs 40.68 crore from Rs 39.39 crore registered a year ago, the statement said.
The revenue for the July-September rose to Rs 80.5.28 crore (Rs 606.72), it said. For the six-month period ending September 30, the revenue increased to Rs 1,553.87 crore (Rs 1,219.62 crore), the statement said.
"We have seen growth across the board in the first half, as most industry sub-segments of our business are on the up-cycle.
However, inflation and ramping up capacities are a challenge," the release quoted the managing director of the company Srivats Ram as saying.
"We should complete our planned capacity expansion by end of this calendar year," he said. The share of the company was trading at Rs 1,015 on the Bombay Stock Exchange, up by 0.27 per cent over the previous close.
(With inputs from agencies.)