CHENNAI: Wheels India Ltd, a steel wheel maker for trucks, agricultural tractors, passenger vehicles and construction equipment, plans Rs 200 crore as capital expenditure for the current financial year, a top official has said.
The capital expenditure will be spent on offload tractors, manufacturing in cast aluminium, machining for windmill casting segment, company M Srivatsa Ram said here.
Wheels India reported a 64.3 per cent rise in its net profit for the March 2024 quarter at Rs 36.8 crore as against Rs 22.4 crore in the same period last year.
Revenue during the quarter under review stood at Rs 1,167 crore, compared to Rs 1,172 crore a year ago.
Ram said the company recorded a 24.5 per cent growth in exports in FY20, mainly driven by the United States and other markets, while Europe continued to be 'sluggish'.
He said the hydraulics business performed particularly well in terms of both exports and profitability.
On the year's outlook he said, "We are cautiously optimistic about the prospects for FY2025. New programs with global clients are likely to commence in the fourth quarter of this year."
"We expect the second half of the year, including the construction and commercial vehicle segments, to see some growth after the monsoon season," he said.
The capital expenditure will be spent on offload tractors, manufacturing in cast aluminium, machining for windmill casting segment, company M Srivatsa Ram said here.
Wheels India reported a 64.3 per cent rise in its net profit for the March 2024 quarter at Rs 36.8 crore as against Rs 22.4 crore in the same period last year.
Revenue during the quarter under review stood at Rs 1,167 crore, compared to Rs 1,172 crore a year ago.
Ram said the company recorded a 24.5 per cent growth in exports in FY20, mainly driven by the United States and other markets, while Europe continued to be 'sluggish'.
He said the hydraulics business performed particularly well in terms of both exports and profitability.
On the year's outlook he said, "We are cautiously optimistic about the prospects for FY2025. New programs with global clients are likely to commence in the fourth quarter of this year."
"We expect the second half of the year, including the construction and commercial vehicle segments, to see some growth after the monsoon season," he said.
