Steel wheels-maker Wheels India on Wednesday reported a decline in its standalone net profit for the fourth quarter ending March 31, 2020. The dip by Rs 4.62 crore was due to the impact on sales and profits by the COVID-19 lockdown in the country.
The city-based company registered standalone net profit of Rs 19.71 crore during the corresponding quarter previous year.
For the full year ending March 31, 2020, the standalone net profits were at Rs 54.11 crore against Rs 75.67 crore a year ago.
The total revenue for the January-March 2020 quarter slipped to Rs 544.72 crore from Rs 855.08 crore registered in the same quarter last fiscal, Wheels India said in a statement.
For the year ending March 31, 2020 the standalone total revenue was at Rs 2,438.72 crore as against Rs 3,188.84 crore registered a year ago. The company board recommended a final dividend of Rs 2.65 per share. Along with an interim dividend of Rs 3 per share declared earlier, the total dividend of the year is Rs 5.65 per share.
Commenting on the performance, the company's managing director Srivats Ram said, "The slowdown of the economy resulted in a decline in sales of major industry segments with commercial vehicle segment being the worst affected."
The company makes steel wheels for trucks, buses, agricultural tractors and construction equipment. It has factories in Tamil Nadu, Maharashtra, Uttar Pradesh and Uttarakhand with an annual capacity of turning out three million wheels, the release said.
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