Wheels India Ltd reported a 29 per cent drop in its net profit at ₹15 crore for the quarter ended December 31, 2022, compared with ₹21 crore in the year-ago quarter. Revenue grew just 1 per cent to ₹1,017 crore from ₹1,007 crore.
Air Suspension and the fabrication businesses grew by 120 per cent and 102 per cent, respectively, in Q3. The production of machining of large castings for the windmills commenced in Q2 and is being ramped up in H2FY23. Export contribution stood at over 22 per cent of the company’s overall revenues at the end of the third quarter, according to a statement.
“There has been strong growth of our air suspension orders servicing regular and EV buses, which helped us offset the slowdown in exports,” said Srivats Ram, MD, Wheels India Ltd.
The Board has declared an interim dividend of ₹3 per share.