Chennai, Feb 6 (PTI): Leading steel wheels manufacturer, Wheels India Ltd has recorded a marginal slip in the net profits for the third quarter ending December 31, 2017 at Rs 12.91 crore. Also Read - India's Rapunzel With World’s Longest Hair Cuts Them After 12 Years, Locks to be Kept in Museum | Watch Video

The city-based TVS Group company had registered net profits at Rs 14.32 crore during corresponding period of last year. Also Read - Photos Show How Hospitals, Patients Across Country Reel Under Covid-19 Stress

Revenues for the October-December 31, 2017 was at Rs 592.86 crore as against Rs 578.54 crore, registered during same period of last year. Also Read - Japan's Ketchup Producer Stops Xinjiang Tomato Imports Over Rights Abuse

The company, in a statement, here, said the revenues were not comparable, as for the third quarter ending December 31, 2017 it was net of GST and the revenue clocked for the same period of last year include ‘excise duty’.

Net profits for the nine-month period ending December 31, 2017 went up to Rs 52.30 crore, from Rs 41.11 crore registered during year ago period.

Revenues for the April-December 31, 2017 period surged to Rs 1,812 crore from Rs 1,743 crore that was registered during the corresponding period of last year.

The company said the Board has declared an interim dividend of Rs six (60 per cent) for each fully paid up equity share.

Commenting on the financial results, company Managing Director, Srivats Ram said, there was ‘strong growth’ both in the commercial vehicle as well as in the passenger car segments, during the third quarter (ending December 31, 2017) but the growth in automotive businesses was offset by reduction in non-automotive sales.

On the passenger car wheels plant set up in Gujarat through the joint venture with Japan-based Topy Industries, the statement said, the construction activities had commenced at the factory in Vanod, Gujarat and production was expected to begin in 2018-19.

The new plant is being set up at an investment of Rs 42 crore and will have the capacity to manufacture 1.50 million passenger car steel wheels, the statement said.

The company said over 50 per cent of the revenue was from automotive wheels for cars, commercial vehicles and agricultural tractors while the remaining was contributed from components for construction and mining equipment, energy, air-suspension for commercial vehicles, the statement added.

This is published unedited from the PTI feed.