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Auto Parts & Equipment company Wheels India announced Q2FY24 & H1FY24 results:
- Q2FY24:
- Revenues for Q2FY24 went up 7.7% to Rs 1,189 crore as compared to Rs 1,104 crore in Q2FY23.
- Net Profit of Rs 5.24 crore for the Q2FY24 as compared to Rs 14.53 crore in Q2FY23.
- H1FY24:
- Revenues for H1FY24 went up 7.8% to Rs 2,322 crore as compared to Rs 2,154 crore in H1FY23.
- Net profit of Rs 18.46 crore for H1FY24 as compared to Rs 24.71 crore in H1FY23.
Srivats Ram, MD, Wheels India, commenting on Profits, said, “The Q2 profit was impacted due to one-off expenses notably a one-off charge for pre-delivery inspection charges.” He further stated that the amalgamation of Sundaram Hydraulics Limited with the Company has now been completed.
Commenting on the growth, Srivats said, “The revenue growth was driven by exports with growth in Asian markets offsetting the slowdown in Europe.”
On the outlook for the second half, Srivats said, “We expect to see export growth in the full year, despite a slowdown in Europe. On the domestic front, we expect to see growth in the CV and air suspension markets for the balance of the year. Overall, while Q3 may be muted, we expect Q4 to be stronger.”
