Wheels India Q3 net profit rises to Rs 22.57 crore

CHENNAI: Wheels India has seen a 79% jump in Q3 net profit at Rs 22.57 crore compared to Rs 12.58 crore in the year-ago period.

The company registered a revenue of Rs 1,058 crore in this Q3 compared to Rs 1,131 crore last year. For the nine months period, the company saw its net profit more than double to nearly Rs 70 crore up from Rs 31 crore in the year ago period.

However, its nine-month revenue dropped to Rs 3,230 crore compared to Rs 3,452 crore last year. The company has announced an interim dividend of Rs 4.50 per share.

Srivats Ram, MD, Wheels India, said: “In terms of profit growth for Q3 we continued to be benefited by lower raw material prices, favourable product mix and productivity & cost improvements.”

On the outlook, he said, “We expect the domestic demand to improve in the CV wheel segment in Q4. While our exports have fallen this year due to cyclicity in off-road product ranges, we hope to grow our exports in the coming year, through new product programmes.”