It had posted a standalone net profit of Rs 8.78 crore in the same period of last year, Wheels India said in a filing to the BSE.
However, the company's standalone net sales increased 3.30 per cent to Rs 459.85 crore during the January-March quarter as against Rs 445.12 crore a year ago.
For the full fiscal ended March 2015, Wheels India's standalone net profit rose 4.68 per cent to Rs 29.74 crore as against Rs 28.41 crore in the previous fiscal.
Its standalone net sales also increased 8.56 per cent to Rs 1,812.44 crore in 2014-15 as against Rs 1,669.41 crore in 2013-14.
On growth prospects, Wheels India Managing Director Srivats Ram said: "After the prolonged slowdown in automotive sector that lasted well over two years, we are hoping to see some recovery in the domestic market, especially the CV space this year".
The company plans to invest Rs 70 crore this year towards capital expenditure.
Wheels India is a manufacturer of steel wheels for passenger cars, utility vehicles, trucks, buses, agricultural tractors and construction equipment.
The company's shares today closed 3.86 per cent up at Rs 1,297.25 per scrip on the BSE.