Construction Industry News
Wheels India has reported a 6 percent increase in net profit to Rs 107 million for the first quarter of fiscal year 2022-23, compared to Rs 101 million in the same time last year. The wheel manufacturer's sales for the April to June quarter rose to Rs 10.57 billion, compared to Rs 6.75 billion in the same quarter last year.
“Demand for trucks, farm tractors and passenger cars in India was healthy, albeit with semiconductor shortages in some segments. There was remarkable growth in the CV [commercial vehicles] segment from the low base of the previous year,” said Srivats Ram, director of Wheels India Ltd.
“While prospects remain for export growth, there are early signs of slowing down in the global economy,” he said. As for the challenges, Ram said, "In the industrial components segment, there were significant additional logistics costs to meet the customer's schedule."
The company produces wheels for trucks, tractors, passenger cars and construction machinery. It also makes air suspension systems for trucks and buses, and industrial components for the construction and windmill industries. The company has factories in Tamil Nadu, Maharashtra, Uttar Pradesh and Uttarakhand.
