Wheels India has more than doubled its net profit at ₹13.21 crore for the quarter ended December 31, 2016, against ₹5.98 crore, mainly due to better operating performance on the back of strong topline growth.

Revenues grew by 14 per cent at ₹537 crore against ₹470 crore.

For the nine-month period ended December 31, 2017, its net profit stood at ₹40.9 crore against ₹23.02 crore in the corresponding period last year.

Revenues grew to ₹1,616 crore from ₹1480 crore in the year-ago period.

“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,” said Srivats Ram, MD.

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 company has also been able to grow its business supplying parts to energy equipment manufacturers, notably the windmill sector, according to a statement.

The board has declared an interim dividend of ₹5 per share.

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