The Chennai-based Wheels India Ltd. has registered an increase in its net profit for the third quarter ended December 31, 2016, at Rs. 13.21 crores as compared to Rs. 5.98 crores in the corresponding quarter of the previous year. Revenues for the quarter increased 14 per cent to Rs. 537 crores from Rs. 470 crores. Wheels India’s net profit for the nine months ended December 31, 2016, stood at Rs. 40.90 crores as compared to Rs. 23.02 crores achieved in the corresponding nine month period last year. Revenues for the nine months increased to Rs. 1616 crores from Rs. 1480 crores registered in nine months ended December 31, 2015. Air suspension business continues to be an important growth area for the company with a strong volume growth in the first nine months of the year. The lift axle suspension has also grown on a year on year basis. The Board has declared an interim dividend of Rs. 5 per share. Commenting on the performance, Mr. Srivats Ram, Managing Director, Wheels India, said: “We are on track to meet our revenue growth targets for the year. The company has seen good growth in the non-wheel business and in the domestic agricultural tractor sector. However, the rural sector demand slowed down in recent months.” Over 50 per cent of Wheels India’s revenue comes from automotive wheels for trucks and cars with the balance coming from wheels for agricultural tractors and construction equipments, air suspension systems and energy equipments parts.