TVS Group-promoted Wheels India has reported a slight fall in net profit for the fourth quarter of 2014-15 compared with the corresponding quarter in the previous year.

The company’s net profit stood at ₹6.76 crore in the quarter, down from ₹ 8.78 crore a year ago. Total income for the period was ₹499.30 crore, up from ₹485.27 crore in the March 2014 quarter.

For the year ended March 31, the company reported a net profit of ₹29.74 crore on a total income of ₹1,979.87 crore. In the previous year, Wheels India had seen a net profit of ₹28.41 crore on an income of ₹1,823.15 crore.

Srivats Ram, Managing Director, Wheels India, said it has been a ‘middling year’ for the company with some growth coming in from the signs of turnaround in the commercial vehicle segment. But this had been offset by the slowdown in the tractor segment.

The contribution from the non-wheel business, including air suspension is growing, he said.

It has a total capacity of 16 million wheels a year with the capacity utilisation ranging from 60 to 80 per cent for different segments. Ram said the company is exploring opportunities to make wheels for two-wheelers using its spare capacities.

The company will start making lift axles, an allied component to air suspensions, from next month through a technical tie-up with EGE Endustri, Turkey.

Over the next one year, the company will invest about ₹70 crore for a range of initiatives including new product development, expanding capacity of forged aluminium wheels for exports and automation for cost efficiency.

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