Chennai, Feb 6 (PTI): Steel wheels manufacturer Wheels India has recorded a 18.6 per cent rise in net profits for the third quarter ending December 31, 2018 at Rs 15.3 crore. Also Read - Ericsson starts deploying 5G-ready telecom equipment on Voda Idea network

The city-based TVS Group company clocked net profits at Rs 12.9 crore in the corresponding quarter last year. Also Read - Corridor-III of Hyderabad Metro likely to be operational soon

Net profits for the nine month period ending December 31, 2018 grew by 6.88 per cent, to Rs 55.9 crore from Rs 52.30 crore registered during the corresponding period last year. Also Read - SPR Group signs two MoUs with Jaquar Group

Revenues for the October-December 2018 quarter went up 32.7 per cent to Rs 786 crore from Rs 591.9 crore registered year ago.

For the nine month period ending December 31, 2018 revenues grew by 29 per cent to Rs 2,333.8 crore from Rs 1,808.3 crore registered a year ago.

The profits of the previous nine month ending December 31, 2017 includes an exception item — profit on slump sale of its passenger car steel wheel business to its subsidiary WIL Car Wheels Ltd.

The Board of Directors Wednesday declared an interim dividend of Rs 3.25 (32.5 per cent) for each fully paid up equity share.

“There was a slowing down of the car and truck segments towards the latter part of the third quarter. However, the quarter saw strong growth in export markets”, Wheels India Managing Director Srivats Ram said in a statement.

The company has been expanding its presence in the non-wheels segment. Over 65 per cent of the revenue contributed from automotive wheels for commercial vehicles, cars and agricultural tractors.

The balance comes from wheels, components for construction and mining, equipment and air suspension for commercial vehicles, among others.

Wheels India Ltd has manufacturing facilities at five locations across country with overall annual capacity of 10 million wheels, the release added.

This is published unedited from the PTI feed.