Domestic Demand for Commercial Vehicle Wheels to Rise in Q1 2025

Wheels India, a manufacturer of steel wheels, anticipates an increase in domestic demand for commercial vehicle wheels in the January-March 2025 quarter, according to a senior executive. The company based in the city aims to increase its exports in the next year via new product initiatives, said Managing Director Srivats Ram on Tuesday.

Wheels India announced its financial results for the October-December 2024 period, reporting net profits of Rs 22.57 crore, up from Rs 12.58 crore in the same quarter of the previous financial year.

The net profits for the nine months concluding on December 31, 2024, jumped to Rs 69.86 crore, up from Rs 31.04 crore recorded the previous year. "Regarding financial performance, Ram stated that we experienced strong growth in Q3, driven by reduced raw material prices, a favorable product mix, and enhancements in productivity and cost-efficiency."

Revenues for the quarter in question reached Rs 1,058 crore, compared to Rs 1,131 crore noted in the corresponding period last year. For the nine-month duration concluding December 31, 2024, the revenues stood at Rs 3,230 crore compared to Rs 3,452 crore noted during the corresponding period of the previous financial year. The Board sanctioned a temporary dividend of Rs 4.50 per share.

Commenting on the company's future prospects, Ram stated, "We anticipate that domestic demand will enhance in the CV wheel sector in Q4." Although our exports have decreased this year because of cyclical trends in off-road product categories, we are optimistic about increasing our exports in the next year with new product initiatives.