Wheels India Ltd. (WIL) standalone net profit for the September quarter contracted by 64% over the same period a year earlier to ₹5.24 crore due to “one-off pre-delivery inspection charges and a few other charges,” said the company’s MD Srivats Ram during a media briefing.
“Otherwise, net profit would have been ₹22 crore against ₹14.53 crore,” Mr. Ram stressed.
Revenue from operations increased 7% to ₹1,184 crore, while for the first half, it improved by 8% to ₹2,313 crore.
According to Mr. Ram, WIL’s revenue growth was driven by a 25% increase in exports. A slowdown in Europe was offset by growth in Asian markets, he added.
The company expects further increases in exports despite the slowdown in Europe. On the domestic front, WIL expect to see growth in the commercial vehicle and air suspension markets for the rest of FY24.
Mr. Ram also announced setting up of two wholly-owned subsidiaries in Europe and the U.S. next month to develop the business and for better sales coordination.
WIL is planning to increase the use of renewable energy for their operations from 26% to 75%, Mr. Ram mentioned. by 2026.
He also said that the merger of Sundaram Hydraulics Ltd. with WIL has been completed.