Wheels India Limited Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2022
January 31, 2023 at 02:50 am EST
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Wheels India Limited reported earnings results for the third quarter and nine months ended December 31, 2022. For the third quarter, the company reported sales was INR 10,764.8 million compared to INR 10,765.8 million a year ago. Revenue was INR 10,900.1 million compared to INR 10,775.5 million a year ago. Net income was INR 117 million compared to INR 193.7 million a year ago. Basic earnings per share from continuing operations was INR 4.86 compared to INR 8.05 a year ago. Diluted earnings per share from continuing operations was INR 4.86 compared to INR 8.05 a year ago.
For the nine months, sales was INR 33,992.8 million compared to INR 27,787.6 million a year ago. Revenue was INR 34,166.9 million compared to INR 27,849.5 million a year ago. Net income was INR 338 million compared to INR 497.2 million a year ago. Basic earnings per share from continuing operations was INR 14.05 compared to INR 20.66 a year ago. Diluted earnings per share from continuing operations was INR 14.05 compared to INR 20.66 a year ago.
Wheels India Limited is an India-based manufacturer of steel, aluminum and wire wheels. The Company is engaged in the manufacturing of wheels for trucks, agricultural tractors, passenger vehicles and construction equipment; air suspension systems for trucks and buses, and industrial components for the construction and windmill industry with manufacturing plants in Tamil Nadu, Maharashtra, Uttar Pradesh and Uttarakhand. Its segments include automotive components and industrial components. Its product categories include wheels, vehicle chassis and suspension, renewable energy components, fabricated and precision products, hydraulic cylinders, railway and aftermarket. Its vehicle chassis and suspension products include FTS 2 ton series, FTS 3 ton series and retraction system. The Company's renewable energy components include stiffening plate, torque plate, pitch plate and rotor lock disc. The Company provides hydraulic cylinders for energy equipment and off-road vehicles.