Wheels India Ltd, a manufacturer of wheels for automobiles, has reported a net profit of Rs 14.54 crore for the quarter ending December 31, 2022, said the company on Thursday.

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The city-based firm registered a net profit at Rs 20.60 crore during the corresponding quarter last year. For the nine-month period ending December 31 ,2022, the net profit stood at Rs 40.34 crore against Rs 51.93 crore a year ago, said a statement from the company.

Revenues during the quarter under review grew to Rs 1,016.58 crore from Rs 1,007.18 crore registered in the same period last year. For the nine-month period ending December 31, 2022, the revenues rose to Rs 3,182.50 crore from Rs 2,593.01 crore last fiscal.

The board which met here recently declared an interim dividend of Rs 3 per share.

Export accounted for over 22 per cent of the overall revenue at the end of the quarter, the company said.

“There has been strong growth of our air suspension orders servicing regular and electric vehicle buses, which helped us offset the slowdown in exports,” said managing director of the company Srivats Ram.

On the budget presented by the Centre on Wednesday, he said the budget reflects the continuity and consistency in the policies, be it pushing capex (capital expenditure) to the extent of 3.3 per cent of GDP, maintaining the 4.5 per cent fiscal deficit for FY26 or the focus on inclusivity and capability.

“The credit guarantee scheme for MSMEs and the tax exemption for the hardworking middleclass, recognises the need to support in difficult times. Overall, the budget was prudent while building on the capacities and capabilities of the nation in Amrit Kaal,” he said in another statement. PTI VIJ NVG NVG

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