Wheels India demonstrated strong operational performance in the third quarter (Q3) ending December 31, 2024, with a net profit of Rs. 22.57 crore, a significant increase from Rs. 12.58 crore in the corresponding quarter of the previous year. The company reported revenues of Rs. 1,058 crore for Q3, maintaining a stable position despite a marginal dip from Rs. 1,131 crore recorded in the same period last year.
For the nine-month period ending December 31, 2024, Wheels India continued its upward trajectory, posting a net profit of Rs. 69.86 crore, more than doubling the Rs. 31.04 crore registered in the same period in 2023. The company’s revenues stood at Rs. 3,230 crore for the nine months, compared to Rs. 3,452 crore in the previous year, reflecting strategic efforts in cost optimization and operational efficiency.
Highlighting the company’s performance, Srivats Ram, MD, Wheels India Ltd., stated, “In terms of the strong profit growth in Q3, we continued to benefit from lower raw material prices, a favourable product mix, and productivity & cost improvements.”
Looking ahead, the company remains optimistic about domestic demand and export recovery. Srivats added, “We expect the domestic demand to improve in the CV wheel segment in Q4. While our exports have fallen this year due to cyclicity in off-road product ranges, we hope to grow our exports in the coming year through new product programmes.”
With a focus on strengthening its presence in key segments and leveraging new product initiatives, Wheels India is poised for sustained growth in both domestic and international markets.
