Wheels India Sees Growth in Hydraulic Cylinder Business Post-Merger

Wheels India's hydraulic cylinder segment has grown and become profitable after merging with Sundaram Hydraulics. Chairman S Ram highlighted continued growth prospects and profitability in various business segments. The company saw considerable growth in exports and has plans for international expansion.

The hydraulic cylinder business of steel wheels manufacturer Wheels India has shown significant growth and profitability following its merger with Sundaram Hydraulics, a top official confirmed on Wednesday.

Chairman S Ram revealed during the 65th annual general meeting that the business from this segment is poised for further expansion. The merger, completed in 2021, has positively impacted the company's performance in FY'24.

Ram also pointed out a shift in the medium and heavy commercial vehicle market and highlighted the company's success in ramping up production of large windmill castings. He noted substantial growth in exports driven by the export of earthmover and aluminium wheels.

Additionally, Wheels India's MD Srivats Ram suggested that their bottom line would improve this year due to strategic product mix and ongoing efforts. With a capital expenditure of Rs 225 crore planned for this financial year, the company aims to increase aluminium wheels production significantly.

For the fiscal year ending March 31, 2024, Wheels India reported a net profit of Rs 68 crore, with revenues reaching Rs 4,619 crore.

(With inputs from agencies.)