Industry

Wheels India profit slides 39.75% on weak demand

Echoes slowdown in auto sector

Wheels India Ltd. has reported a 39.75% dip in its standalone net profit for the third quarter ended December 2019 to ₹9.2 crore on weak demand in automotive and industrial components, echoing a slowdown in the automobile sector.

Revenue from operations slid 25.79% to ₹583.24 crore. Cost of materials contracted to ₹389 crore from ₹558 crore and finance costs dropped to ₹14.48 crore from ₹17 crore. The board approved an interim dividend of ₹3 per equity share amounting to ₹ 7.22 crore. The record date for payment of interim dividend is February 26. In a regulatory filing, the company said it exercised the option to pay corporate income tax rate at 22%.

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Printable version | Feb 17, 2020 12:07:39 AM | https://www.thehindu.com/business/Industry/wheels-india-profit-slides-3975-on-weak-demand/article30812909.ece

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