Wheels India pegs domestic wheel business to pickup post monsoon

The city based company had registered a 24.2 per cent rise in its net profit for the April June 2023 quarter at Rs 13.3 crore, from Rs 10.7 crore registered in the same period of last year. Wheels India, manufacturer of wheels for trucks, tractors, passenger vehicles and construction equipment, expects the domestic wheel business to pick up during the second half of the year.

The City based company had registered a 24.2 per cent rise in its net profit for the April June 2023 quarter at Rs 13.3 crore, from Rs 10.7 crore registered in the same period of last year.

Revenues during the quarter under review grew by 6.74 per cent to Rs 1,124 crore, from Rs 1,053 crore recorded in the corresponding period of last year."We believe that the domestic wheel business would pick up post monsoon, in the second half," he said on the outlook for the company.

In July, the National Company Law Tribunal approved the merger of Sundaram Hydraulics Ltd with Wheels India