Pursuant to Regulation 34(1)(a) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are submitting the copy of Annual Report for the financial year ended ....
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Enkei Wheels (India), a Pune-based manufacturer of aluminium alloy wheels for two-wheelers and four-wheelers (part of Japan's Enkei Group), has filed its Annual Report for FY 2024 (year ended December 31, 2024) with BSE along with the notice for its 16th AGM scheduled for May 28, 2025. Total revenue grew 17% to ₹8,503.17 million from ₹7,242.02 million, driven by strong order growth of 117.4% in 2W and 112.39% in 4W segments. However, profit before tax fell sharply to ₹22.30 million from ₹160.52 million, and net profit dropped to ₹26.56 million from ₹116.95 million, due to higher depreciation (₹508.69 million vs ₹415.47 million) and finance costs from its capacity expansion project. EPS declined to ₹1.48 from ₹6.51. The company also saw a leadership change with Kenjiro Hama taking over as Managing Director, replacing Suzuki. The AGM will consider reappointment of Mr. Shailendrajit Rai (rotational director) and appointment of Ms. Snehal Phirange as Secretarial Auditor for five years (2025-2029).
Mixed signal for shareholders — strong top-line growth and order book expansion (capacity now over 100,000 four-wheeler wheels/month) are positives, but a steep ~75% drop in profit after tax and falling EPS highlight margin pressure from the ongoing capex cycle. The ramp-up of the MAP2 line and first-time 19-inch wheel production in 2025 could support a profit recovery if productivity targets are met, but near-term profitability remains weak.