Wheels India reported a 6 per cent rise in net profit at Rs 10.7 crore Q1FY23, compared to Rs 10.1 crore in the same period. Revenue from operation for the first quarter increased to Rs 1057.1 crore, compared to Rs. 675.1 crores.

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“The demand for trucks, agricultural tractors and passenger vehicles in India was healthy, albeit with semiconductor shortages affecting some segments. There was notable growth in the commercial vehicles segment from the low base of the previous year,” said Srivats Ram, managing director at Wheels India. “While there remain prospects for growth in exports, there are early signs of a slowdown in the global economy,” he said. In terms of the challenges faced, Ram said, “In the industrial component segment, there were high additional logistical costs that were incurred to meet customer schedules.”

The company manufactures wheels for trucks, tractors, passenger vehicles and construction equipment, also in the windmill industry and industrial components for construction which makes air suspension systems. Tamil Nadu, Maharashtra, Uttar Pradesh, and Uttarakhand are some cities which has manufacturing plants.