Wheels India Limited Reports Earnings Results for the Third Quarter and Nine Months Ended December 31, 2023
January 30, 2024 at 03:47 am EST
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Wheels India Limited reported earnings results for the third quarter and nine months ended December 31, 2023. For the third quarter, the company reported sales was INR 12,104.1 million compared to INR 10,778.6 million a year ago. Revenue was INR 12,112.4 million compared to INR 10,913.6 million a year ago. Net income was INR 101.2 million compared to INR 119.8 million a year ago. Basic earnings per share from continuing operations was INR 4.14 compared to INR 4.9 a year ago. Diluted earnings per share from continuing operations was INR 4.14 compared to INR 4.9 a year ago.
For the nine months, sales was INR 37,058.2 million compared to INR 33,893.5 million a year ago. Revenue was INR 37,109.8 million compared to INR 34,067.3 million a year ago. Net income was INR 242.6 million compared to INR 330.1 million a year ago. Basic earnings per share from continuing operations was INR 9.93 compared to INR 13.51 a year ago. Diluted earnings per share from continuing operations was INR 9.93 compared to INR 13.51 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.