Expect momentum in exports to continue: Wheels India

Chennai: Steel wheels-manufacturer Wheels India was able to grow reasonably during the quarter ending December 2020 and was expecting the momentum to continue, a top official of the company said on Friday.

The TVS Group company, declaring its financial results for the October-December quarter, said the firm witnessed a 30.4 per cent rise in its net profits to Rs 12 crore compared to Rs 9.2 crore during the same quarter last fiscal.

The revenue went up by 9.77 per cent at Rs 640 crore from Rs 583 crore.

Commenting on the performance, managing director of Wheels India Srivats Ram said, "We have seen a decent performance in all segments other than commercial vehicles (bus) in particular and railways. The tractor and construction equipment saw a strong demand."

"We have been able to grow our exports reasonably in this period. We expect the momentum in exports to continue although there is some concern due to the escalation in commodity prices," he said.

Exports constitute about 20 per cent of its sales and serves over 40 customers globally.

During the quarter, Wheels India said it commenced shipment of cast aluminium wheels to the United States from its new facility located in neighbouring Thervoy Kandigai, the company said.