Chennai, Automotive wheels major Wheels India Ltd on Wednesday said it had closed the third quarter of FY23 with a net profit of Rs 20.60 crore.

In a statement issued here, the company said it had closed the Q3 ended 31.12.2021 with a net profit of Rs 20.60 crore up from Rs 12 crore logged during the previous year corresponding period.

Revenues for Q3 ended December 31, 2021 went up 57 per cent to Rs 1,007.18 crore as compared to Rs 641.74 crore registered in Q3 ended December 31, 2020.

"The Company has had the fifth sequential quarter of growth in exports, with good growth in Q3 exports across segments. We expect the growth trend in exports to continue. On the domestic front, while the tractor and commercial vehicle (CV) segment saw a slowdown in November and December, we expect the CV business to improve in Q4," Srivats Ram, Managing Director said.