Wheels India Stock Jumped 5% in the Third Quarter

Wheels India Ltd has closed the third quarter of the current financial year with a net profit of Rs 20.60 crore. The company has issued a statement saying that it has closed the third quarter with a net profit of 20.60 crore which showed an increase as compared to the previous year corresponding period. The net profit for the third quarter of the previous year stood at Rs 12 crore.

The revenues of the company also surged 57% to Rs 1,007.18 crore. Revenues for the same period in the previous year was Rs 641.74 crore. The Managing Director of the company, Srivats Ram has said that the company has the fifth sequential quarter of growth in exports, with growth in third-quarter exports across segments.

He also said that the company expects the growth trend in exports to continue. The company hopes to see an improvement in the CV business in the fourth quarter. The tractor and commercial vehicles segment saw a slowdown at the end of the third quarter.