Chinmaya IAS Academy – Current Affairs Chinmaya IAS Academy – Current Affairs
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Leading steel wheels manufacturer Wheels India Ltd. has posted an 18.28% rise in net profit for the third quarter ended December 2018 to Rs. 15.27 crore compared to Rs. 12.91 crore registered in the corresponding year-earlier period. Revenues rose 32.77% to Rs. 786 crore, from Rs. 592 crore. “There was a slowdown in the car and truck segments towards the latter part of the third quarter. However, the quarter saw strong growth in export markets,” said Srivats Ram, managing director, Wheels India. About 80% of the firm’s business came from the domestic market, he said. The company exported wheels, for off-road construction equipment and agricultural applications, to the U.S., Japan, Brazil, Korea, Europe and the U.K, Mr. Ram added. In recent years, Wheels India had expanded its presence in the non-wheels segment. The board declared an interim dividend of Rs. 3.25 per share.
