Wheels India Ltd share Price

Q4FY23 Quarterly & FY23 Annual Result Announced for Wheels India Ltd.

Auto Parts & Equipment firm Wheels India announced Q4FY23 & FY23 results:

• Net profit of Rs 24.8 crore for the Q4FY23 as compared to Rs 27.9 crore registered in the corresponding Q4FY22
• Revenues for Q4FY23 went up 6% to Rs 1,169.2 crore as compared to Rs 1,101.3 crore registered in the Q4FY22.
• 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 FY23.
• Net profit of Rs 65.2 crore for FY23 as compared to Rs 79.8 crore registered in the same period the previous year.
• Revenues for FY23 went up 18% to Rs 4,332.1 crore as compared to Rs 3,686.7 crore in FY22.

Commenting on the performance, Srivats Ram, MD, Wheels India said, “We registered significant growth in Air Suspension Division during FY 2023. The CV and Earth Mover Wheel business also did well in FY23. Machining of large castings which was commissioned in September 2022 was ramped-up towards the end of FY 2023.”

On the outlook, Srivats said, “Despite the uncertain global environment, exports are showing positive signs. We are confident that strong relationship with customers will ensure export growth this year.”

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