Friday, Mar 29 2024 | Time 18:38 Hrs(IST)
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Business Economy


Wheels India to invest Rs 200 car in Capex

Chennai, May 18 (UNI) Wheels India Limited today announced that it has
registered a net profit of Rs. 65.2 crores for the year ended March 31 2023,
as compared to Rs. 79.8 crores registered in the same period the previous
year, even as the company decided to invest Rs 200 crore in capex this year.
Talking to reporters virutlaly, Company MD Srivats Ram said revenues for the
year went up 18% to Rs. 4332.1 crores as compared to Rs. 3686.7 crores in
the year ended March 31, 2022.
The Board of Wheels India has recommended a final dividend of Rs. 3.97 per
share.
The company had in January 2023 declared an interim dividend of Rs. 3 per
share for the FY 2022-23.
The company registered net profit of Rs. 24.8 crores for the Q4 ended
March 31, 2023 as compared to Rs. 27.9 crores registered in the same
quarter of the previous year.
He said revenues for Q4 went up 6% to Rs. 1169.2 crores as compared to
Rs. 1101.3 crores registered in the Q4 ended March 31, 2022.
Mr Srivats Ram said Wheels India will be investing Rs. 200crores in CapEx
this year in a gradual ramp up of production in CV, Tractor, Aluminum
Wheels and WindMills machining segments.
The company had a CapEx of Rs. 143 crores last year.
Cast Aluminum is looking very strong with the first supplies to the first
OEM taking place this month. We will start ramping this up with a second
customer in Q3 of this year, he said.
On the domestic market, he said "we have made reasonable inroads in the
aftermarket segment and have reached close to 5% share to our overall
business. It is the first time it has reached such a level. There is a certain
amount of positivity in the domestic market. CV was quite strong in Q4
and we are continuing to see some momentum this year. Government
investment in infra should give a fillip in this segment", he added.
Air Suspension has reached close to 10% of our overall revenues and will
remain strong. The windmill business will grow from strength to strength,
he said.
Mr Ram said exports looked up in Q4 of last year and we expect this trend
to continue into this year. "We are looking at double digit growth to come
back in our exports this year, though there is uncertainty in the overall
global environment. We are building on our existing relationships with
global customers and getting into new platforms. Overall this year looks
promising on the exports front."
UNI GV 1805
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