Even though the company decided to invest Rs 200 crore in capex this year, Wheels India Limited today announced that it had registered a net profit of Rs 65.2 crores for the year ended March 31 2023, down from Rs 79.8 crores registered in the same period the previous year.
Srivats Ram, the company’s MD, told reporters online that revenue for the year increased 18% to Rs. 4332.1 crores from Rs. 3686.7 crores in the year ended March 31, 2022.
A final dividend of Rs. 3.97 per share has been suggested by Wheels India’s board of directors.
For the fiscal year 2022–2023, the company declared an interim dividend of Rs. 3 per share in January 2023.
For the fourth quarter that ended on March 31, 2023, the company reported a net profit of Rs. 24.8 crores, down from Rs. 27.9 crores in the corresponding quarter the year before.
In comparison to the Q4 that ended on March 31, 2022, he claimed that revenue for the fourth quarter increased by 6% to Rs. 1169.2 crores.
In order to gradually ramp up production in the CV, Tractor, Aluminum Wheels, and WindMills machining segments, Mr. Srivats Ram stated that Wheels India will invest Rs. 200crores in CapEx this year.
Last year, the business spent 143 crores of rupees on capital expenditures.
With the first supplies going to the first OEM this month, cast aluminum appears to be in very good shape. In the third quarter of this year, we will begin ramping this up with a second customer, he said.
On the domestic market, he claimed, we have achieved close to a 5% share of our overall business and have made respectable inroads in the aftermarket segment. It has never before gotten to this point. The domestic market has a certain amount of optimism. In Q4, CV was quite strong, and this year has started off with some momentum. Government spending on infrastructure “should give this sector a boost, he continued.
“We are looking at double-digit growth to come back in our exports this year, though there is uncertainty in the overall global environment. We are building on our existing relationships with global customers and getting into new platforms. Overall, this year looks promising on the exports front.”
