Wheels India, which manufactures wheels for trucks, tractors, passenger vehicles, and construction equipment, has plans to establish fully-owned subsidiaries in the United States and Europe in order to enhance business development and sales coordination. Here in the Nov 2 discussion, Srivats Ram, the MD of Wheels India, stated that the establishment of subsidiaries was motivated by the potential growth that these new geographies could offer to the business.
He explained to reporters that the presence of staff is due to our examination of potential new business opportunities in Europe during the first quarter of the upcoming year.
In terms of our business expansion, we are looking to tap into the off-load business in the construction and agri-tractor segments of both the United States and European markets. In the meantime, the company was also considering a boost in renewable energy from the current 26 percent to 75 percent by 2026.
The city-based company registered a net profit of Rs 14.53 crore during the corresponding quarter of last year.
Ram said, "The Q2 profit was impacted due to one-off expenses, notably a one-off charge for pre-delivery inspection charges."
The amalgamation of Sundaram Hydraulics Ltd with the company has now been completed, he stated. Net profit for the half-year ended September 30, 2023, stood at Rs 18.46 crore as against Rs 24.71 crore registered in the same period of last year. Revenues during the quarter under review rose to Rs 1,189 crore from Rs 1,104 crore registered during the same period last year.
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