Shares of Steel Strips Wheels Ltd. dropped more than 10 percent on Wednesday after the company reported a decline in net profit in its quarterly earnings for the quarter ending June 2023.

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The leading manufacturer of automotive wheel rims posted a 1.25 percent decline in its consolidated net profit for the June quarter to Rs 47.4 crore, compared to Rs 48.1 crore in the same quarter last year.

However, its consolidated revenue increased by 2.8 percent in the first quarter of the financial year 2023-24 at Rs 1,044.4 crore as against Rs 1,016 crore seen in the corresponding quarter of last year.

Steel Strips Wheels’ earnings before interest, taxes, depreciation, and amortisation or EBITDA of Rs 113 crore in the quarter under review advanced by 3.7 percent on a year-on-year basis from Rs 109 crore in the quarter ended on June 30, 2022.

The company’s margin witnessed a slight increase in the June quarter compared to the same period last year at 10.8 percent from 10.7 on a year-on-year basis.

So far in the year, shares of Steel Strips Wheels have gained 28 percent, and are up 26.6 percent in the last one-month period.

Shares of Steel Strips Wheels ended 10.7 percent lower at Rs 197.