Wheels India cast aluminium plant to go on stream in Septemper
On the opportunities available for Indian companies, Wheels India said it is looking at derisking global sourcing to an extent.
Wheels India on Wednesday said its Rs 120 crore cast aluminium facility near Gummidipoondi, about 45 km from here, was expected to go on stream later this year and would cater to the export demand.
Company Managing Director Srivats Ram said they have not held up the capital expenditure plans as there was robust demand in the cast aluminium business.
"There is export demand and we will be able to serve this demand from this new plant", he told reporters via video conferencing.
He said the company expects robust business in the windmill and railways segments.
"We see these segments to be positive and stable", he said.
"Despite the (COVID-19 enforced) lockdown for two months, if we maintain last year's levels in the windmill and tractor segment, I believe that is a positive development", he said.
On exports, he expected overseas business to be 'stable' this year.
On the opportunities available for Indian companies, he said, they were looking at derisking global sourcing to an extent.
"Existing customers may look at realigning their procurement to de-risk their business. And this could throw up opportunities for Indian companies", he said.
Wheels India on Wednesday reported standalone net profits for the year ending March 31, 2020 at Rs 54.1 crore, compared to Rs 75.7 crore recorded during the same period last year.
Revenues for the year ending March 31, 2020 stood at Rs 2,438.7 crore as against Rs 3,188. 8 crore recorded last fiscal.
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