Steel Strips Wheels Ltd gains on order win from USA
Automotive steel wheels designer and manufacturer, Steel Strips Wheels Limited (SSWL) has secured a fresh export order from USA worth US$ 4,00,000 approximately.
The order, which involves the supply of nearly 10,000 truck wheels for USA truck trailer markets, is planned to be executed between June and September from its Chennai plant. The said order is likely to generate a revenue of around US$ 4,00,000.
Meanwhile, this order reflects a slow but steady restart of operations in US markets after COVID-19 lockdown situation. The company is now anticipating orders from several other regular customers in the coming weeks as the market has started showing signs of revival.
Recently, the company ramped-up production with sales guidance of eight per cent. To know more about this, click here:
https://www.dsij.in/DSIJArticleDetail/ArtMID/10163/ArticleID/13337/Steel-Strips-Wheels-ramp-up-production-with-8-per-cent-sales-guidance
For Q3FY20, the company's standalone net profit decreased by 68 per cent YoY to Rs 629 crore while, net sales saw a dip of 28.8 per cent YoY to Rs 343.60 crore.
The company is currently enjoying 52 per cent in the medium and heavy commercial vehicle (M&HCV) segment, 50 per cent of the market share in the passenger vehicle segment and 42 per cent in the tractor segment.
In response to the news of the order win, SSWL's stock spiked around four per cent and made an intraday high of Rs 383 on BSE.