ASK Automotive Limited has unveiled plans to venture into the high-pressure die casted two-wheeler (2W) alloy wheels segment. The company, with its robust legacy of over three decades, is set to tap into the burgeoning demand for high-quality alloy wheels in the domestic market.
The collaboration is designed to provide ASK Automotive with crucial technical assistance, leveraging LIOHO's expertise to develop a new product line catering to both existing and potential customers. This landmark agreement is slated to extend over seven years.
The foray into high-pressure die casted two-wheeler alloy wheels marks a significant expansion for ASK Automotive Limited. The company envisions designing and manufacturing alloy wheels that not only meet world-class standards but also prioritise safety and deliver superior performance. The production of these alloy wheels is anticipated to commence in the fourth quarter of the fiscal year 2025, with a direct focus on supplying Original Equipment Manufacturers (OEMs).
Kuldip Singh Rathee, Chairman and Managing Director of ASK Automotive Limited, expressed confidence in the company's ability to set new benchmarks in the alloy wheel segment. He stated, 'Our deep understanding of the market and the needs of OEMs, coupled with our legacy and expertise in aluminium lightweight precision solutions, positions us favourably to venture into the high-pressure die casted two-wheeler alloy wheels segment. Our collaboration with LIOHO Machine Work will be instrumental in meeting the required technical standards, and we are optimistic about establishing new industry benchmarks.'
ASK Automotive Limited has demonstrated robust financial performance, reporting a noteworthy YoY growth of +19.4% in consolidated total income, amounting to INR 76,313 lacs in Q3 FY24. The company's income for the first nine months of FY24 reached INR 2,21,909 lakh, reflecting a YoY growth of +11.2%. Additionally, ASK Automotive Limited registered an impressive +71% growth in Profit After Tax (PAT) in Q3 FY24.