Wheels India Q2 Net Profit up 186% at Rs.21.2 crores, Revenues up 78% at Rs. 911.2 crores

Chennai headquartered auto components manufacturer Wheels India Ltd., has registered a 186% rise in its Net Profit at Rs. 21.2 crores for the Q2 ended 30th September 2021 as compared to Rs. 7.4 crores registered in corresponding quarter of the previous year. Revenues for Q2 ended 30th September 2021 went up 78% to Rs. 911.2 crores as compared with Rs. 510.9 crores in the Q2 ended 30th September 2020.

Half Year Net Profit at Rs.31.3 crores

For the half year ended, 30 September 2021, Wheels India registered a Net Profit of Rs. 31.3 crores as compared to a loss of Rs. 30.8 crores in the first half of the previous year. Revenues for the half year ended 30th September 2021 went up to Rs. 1585.8 crores as compared to Rs.722.9 crores registered in the first half of the previous year.

Commenting on the performance, Srivats Ram, MD, Wheels India Ltd., said "The quarterly sales growth on a year on year basis was across all industry segments. The growth in the export business was strong in the construction equipment, agricultural equipment and windmill industries. This trend, in terms of growth of exports, is likely to sustain."

Exports represented 25% of Sales for the quarter.

On the outlook, Srivats said, "There is some sign of improvement in the commercial vehicle segment from a low base in the previous year. Export schedules are not affected by the semiconductor shortages, as the segments the Company serves are not affected by this. The Company is making further investments to service export requirements in the coming year. There is a concern that rising commodity prices continue to be a challenge."

Shares of Wheels India Limited was last trading in BSE at Rs. 716.85 as compared to the previous close of Rs. 704.45. The total number of shares traded during the day was 1084 in over 298 trades.

The stock hit an intraday high of Rs. 741.90 and intraday low of 708.10. The net turnover during the day was Rs. 777600.00.

Source : Equity Bulls

Keywords

WheelsIndia INE715A01015 Q2FY22 ResultUpdate