Latest News | Wheels India Cast Aluminium Plant to Go on Stream in Sep: MD
Get latest articles and stories on Latest News at LatestLY. : 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.
Chennai, June 17 (PTI): 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.
Also Read | Oppo Find X2 & Find X2 Pro 5G Smartphones Launched in India, Check Prices & Availability.
"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.
(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)