Steel Strips Wheel reports 6.6% rise in April net turnover at ₹338 crore, passenger cars segment grew 12%

The company reported a 6.62% YoY rise in its gross turnover at ₹389.54 crore for the month. SSWL said two-wheeler and three-wheeler segments rose 29% YoY by value during the month. The passenger cars segment grew 12% while the trucks segment saw a growth of 10% in April.

The Alloy wheels segment grew 5% while the tractors segment saw 1% growth during the month. At the same time, exports rose 8% by value.

Last month, the company announced that it had secured a maiden entry as a supplier of aluminium wheels to one of the top passenger car manufacturers in India.

SSWL is involved in designing and manufacturing automotive wheels, both under the steel and the alloy categories. The company is based out of Chandigarh with manufacturing facilities in Punjab, Chennai, Jamshedpur, Gujarat, and Jharkhand. The firm’s plants have a combined manufacturing capacity of over 2 crore wheels per annum. SSWL produces a wide variety of diameters, rim widths, and finishes in steel wheels, which can be customized as per the application and aesthetic needs of the customer.

During the third quarter of fiscal year 2024, the company reported an 18% YoY rise in its revenue from operations at ₹1,110 crore. Total revenue jumped by a similar percentage to ₹1,112 crore. Net profit jumped 36% during the quarter to ₹59.53 crore.

For the nine months ended December 2023, the company reported an 8.33% rise in its operating revenue at ₹3,288.42 crore. Net profit for the period rose 8.91% to ₹159.55 crore.

Shares of the company fell over 12% since the beginning of the year. The stock has gained over 48% in the last one year.