Wheels India Ltd., standalone net profit for the quarter ended December contracted by 29% to ₹15 crore from the year-earlier period on account of slowdown in exports.
During the quarter, revenue from operations dipped marginally to ₹1,003 crore from ₹1,006 crore., while air suspension and the fabrication business more than doubled, it said in a statement.
Exports accounted for 22% of the overall revenue at the end of the third quarter against 26% in the comparable period.
“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.
The production of machining of large castings for the windmills, which began in Q2, is being ramped up in the second half of FY23.
The board declared an interim dividend of ₹3 per share. The record date is February 14.
