Chennai, May 29 (PTI) Steel wheels manufacturer Wheels India Ltd has registered a 12.7 per cent rise in the fourth quarter net profits ending March 31, 2018 to Rs 19.5 crore. Also Read - LIVE CRICKET SCORE Ind vs Aus 4th Test Day 5 Today's Match Live Updates Gabba, Brisbane: Gill Hits Fifty, Pujara Steady; India Rebuild After Rohit's Wicket
The city-based TVS Group company recorded net profits of Rs 17.3 crore in the corresponding quarter last year. Also Read - Brisbane Weather Forecast For 4th Test Day 5: Will Rain Play Spoilsport During India vs Australia Match at The Gabba, Start Time, Match Predictions
Net profits for FY17-18 went upto Rs 71.8 crore, up by 23 per cent from Rs 58.4 crore registered a year ago. Also Read - Cheteshwar Pujara Surviving DRS Scare Sparks Umpire's Call Controversy During 4th Test Day 5 at Brisbane | WATCH VIDEO
Revenue for the quarter under review went up by 26.6 per cent to Rs 705 crore from Rs 557.7 crore recorded during the previous quarter, including net excise duty.
For FY2017-18, revenue grew to Rs 2,469.5 crore, up by 13.4 per cent from Rs 2,176.1 crore registered a year ago.
Declaring the annual performance, company Managing Director Srivats Ram said the company expects to clock double digit growth this year.
“There has been strong signs of growth in the commercial vehicle industry. Mining (industry) is showing some signs of life. Actually, we are seeing double digit growth in the segments we are present in”, he told reporters here.
On capital expenditure plan, he said, the Board has approved capital expenditure of Rs 122 crore for taking up expansion at its facilities in the current financial year.
“After 2011-12, this is the first year we are seeing capacity expansion in all the segments that we are present in.
The capacity addition should be on stream in the second half of this year”, he said.
The company has manufacturing facilities in Chennai, Pune, Rampur in Uttar Pradesh and Pant Nagar in Uttarakhand with a combined overall annual capacity of 10 million wheels.
On the exports front, Ram said it contributed 16 per cent to the overall group revenue.
On the outlook for FY18-19, he said “we expect strong growth in domestic sales to continue. Exports are likely to grow at a faster pace”.
The domestic demand is driven by the replacement demand in the commercial vehicle market, government infrastructural initiatives and pro-agriculture policies, he said.
This is published unedited from the PTI feed.