Wheels India, a leading manufacturer of steel wheels, has said that it has recorded a disappointing 24 per cent fall in net profit during the fourth quarter of the financial year 2012-2013.

The company recorded a net profit of Rs 5.35 crore during the fourth quarter compared to Rs 7.05 crore during the same quarter in the financial year 2011-2012. The company's revenues too fell 18 per cent to Rs 469 crore during the quarter from January to March 2013 compared to Rs 578 crore recorded during the same quarter of the previous financial year.

Srivats Ram, managing director of Wheels India said, "Going forward, we expect muted growth for the coming year but expect to benefit from governments plans to purchase more buses under the Jawaharlal Nehru National Urban Renewal Mission scheme, and the government's plans for mega power projects."

As for the entire financial year 2012-2013, the company's net profit fell 7 per cent to Rs. 31.88 crore compared with Rs 34.35 crore recorded in the financial year 2011-2012. The fall during the year is mainly due to arise in energy and labour costs as well as a slowdown in the in the construction and mining segments in the country.