Business EconomyPosted at: Oct 30 2020 4:57PM

Wheels India Q2 net profit Rs 7.43 cr

Chennai Oct 30 (UNI) Auto Components Firm Wheels India
Limited today announced that it has registered a net profit
of Rs 7.43 crores for the Q2 ended September 30 as against
Rs 28.67 crore for the corresponding period last year.
But these numbers were not strictly comparable as the net
profit of Q2 of the previous year had a one time write back
of a deferred tax liability of Rs.19.80 crore.
The Company registered revenues of Rs 510.84 crores for
the Q2 as against Rs.595.63 crores in the same period last
year.
Earlier this week, the Company began production at its newly
commissioned cast aluminum wheel plant at Thirvoy Kandigai.
The plant has an annual capacity of 7.5 lakh wheels. Initially,
the company plans to export its production to its customers
overseas.
Company MD Srivats Ram told a virtual media meet that “after
the lockdown in March, we started running our plants at some
level only towards the end of the first quarter. With the unlocking
of the economy, we reached around 90 per cent of our pre-covid
production levels in September.”
UNI GV 1655

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