Chennai: Wheels India Ltd, a maker of steel wheels for automobiles, posted a marginal dip in its third quarter profit but beat analysts’ estimates.
For the quarter ended 31 December, revenue fell by17% to Rs403.8 crore from Rs487.12 crore in the year-ago period. Net profit fell 1% to Rs9 crore.
Analysts polled by Bloomberg were expecting a profit of Rs7.2 crore on revenue of Rs521 crore.
The company managed to cut its total expenses by 17.5% to Rs416.54 crore during the quarter, helped by a 21% drop in the cost of materials consumed and a 30% fall in other expenses.
The stock ended Tuesday marginally lower at Rs745.30 apiece on BSE, while the Sensex fell 0.46% to 19,659.82 points.