The Chennai-based Wheels India Ltd. has reported a 37 per cent increase in net profit at Rs. 5.66 crores for Q3 ended December 31, 2014, as compared to Rs. 4.12 crores achieved in the corresponding period last year. Revenues for the quarter moved up 13 per cent to Rs. 477 crores as compared to Rs. 422 crores registered in the corresponding period last year.
The company’s net profit for the nine months ended December 31, 2014, increased 17 per cent to Rs. 23 crores from Rs. 20 crores achieved in the corresponding period last year. Revenues for the period increased 11 per cent to Rs. 1,481 crores (Rs. 1,378 crores). An interim dividend of Rs. 3 per share was declared for 2014-15.
Exports contribute to over 20 per cent of revenues, and the company will continue leveraging on its strong presence in select overseas markets and will aim at a higher export target in the coming years.
Over half of the company’s revenue comes from automotive wheels for trucks and cars, with the balance coming from wheels for agricultural tractors, construction equipments, air suspension systems and energy equipment parts.