Wheels India reported a net profit of ₹25.37 crore for the quarter ending June 30, 2024, up from ₹13.22 crore in the same period last year. The company’s gross revenue for Q1 was ₹1,088.20 crore, slightly lower than ₹1,133.02 crore last year.
“Our strong profit growth in Q1 is due to a change in product mix, a focus on cost control, and improvements in the commercial vehicle business,” said Srivats Ram, Managing Director of Wheels India. Wheels India plans to spend ₹225 crore this year on expanding its cast aluminium, windmill castings, agricultural/earth-moving wheels, and hydraulic businesses. The company aims to increase aluminium wheel production from 25,000 to 40,000 wheels per month in the second half of the year.
Srivats Ram added, “Though overall growth prospects for domestic and export business are muted, we expect growth in the hydraulic cylinder and cast aluminium wheel businesses in the second half of the year.”
Wheels India, is a leading manufacturer of steel wheels for passenger cars, trucks, buses, and agricultural vehicles. Established in 1960, the company has grown significantly, serving both domestic and international markets. With its headquarters in Chennai, Wheels India operates multiple manufacturing plants across India, ensuring high-quality production standards.
The company also produces air suspension systems, windmill components, and other precision-engineered products. Known for its innovation and customer-centric approach, Wheels India continues to play a vital role in the global automotive supply chain.
