The company has clocked revenue of Rs. 2,215 crore during the fiscal
Chennai-headquartered wheel manufacturer Wheels India Ltd. has registered net profit of Rs 25.5 crore for the Q4 ended March 31, 2021 as compared to Rs 4.6 crore registered in the same period the previous year. The company registered revenues of Rs 853.3 crore for the Q4 ended March 31, 2021 as compared to Rs 544.7 crore registered in the corresponding quarter of the previous year.
For the full year ended March 31, 2021, the company registered net profit of Rs 6.7 crore as compared to Rs 54.1 crore registered in the year ended March 31, 2020. The company registered revenues of Rs 2,215.5 crore for the year ended March 31, 2021 as compared to Rs 2,438.7 crore in the corresponding period of the previous year.
In the third quarter of last year, Wheels India began its first shipment of cast aluminium wheels to the US from its newly commissioned plant in Thervoy Kandigai near Chennai. The plant has an annual capacity of 7.5 lakh wheels. The company exports around 25 per cent of its sales and has a diversified global customer base with over 40 customers.
Commenting on the performance, Srivats Ram, Managing Director, Wheels India Ltd., said, “While the first quarter of last year was a washout due to the national lockdown, there was strong demand in the latter part of the year with a recovery in most of our business segments by the fourth quarter. While the domestic tractor business showed strong growth in the last three quarters, we saw growth in export business in H2.”
On the outlook for FY22, Ram said, “While we have strong export demand for products, the domestic business and to some extent execution of exports will depend on the state of lockdown in the regions where our plants are.”