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%.
