Wheels India Ltd, an Automobile Wheel Major, has designated Rs 200 crore as capex in FY23-24 towards its plan of gradually ramping up wheel production for commercial vehicles, tractors, aluminium wheels and windmills machining segments.

Last year, the company’s capex was about Rs 143 crore.

Srivats Ram, MD, Wheels India, while talking about the performance of the company said that it holds a 5% market share in the domestic aftermarket segment. The company is building on its existing relationships with global customers and getting into new platforms.

Ram believes that Cast aluminium is turning out to be a strong suit for the company. The first supply of these wheels will take place this month with the possible addition of another customer in Q3 of this year, he said

Regarding exports, the company has grown its exports in Q4 and the MD expects a double-digit growth on the export front this year.

Regarding the prognosis, Srivats stated, “Exports are exhibiting promising signs despite the uncertain global environment. We are positive that this year’s export growth will be a result of our solid customer relationships.

Wheels India declared a net profit of Rs 65.2 crore for the fiscal year that ended on March 31, 2023, down from Rs 79.8 crore for the same time the year before. In comparison to the year ending March 31, 2022, revenue increased by 18% to Rs 4,332.1 crore (from Rs 3,686.7 crore).

A final dividend of Rs 3.97 per share has been suggested by Wheels India’s board of directors. For FY22–2023, the corporation declared an interim dividend of Rs 3 per share in January 2023.