SSWL slumps nearly 3 per cent despite bagging order worth EUR 2,06,000 from EU
A leading designing & manufacturing steel wheels company, Steel Strips Wheels Limited announced on Friday that it has received export orders from the European market.
The company has bagged orders for over 26,000 wheels amounting to EUR 2,06,000, which is to be executed in the month of March 2021 from its Chennai plant. The company expects to receive orders of similar capacity from customers as businesses are recovering rapidly.
Additionally, the company also came out with its December quarter results. SSWL posted the highest-ever quarterly results since its inception. The company’s net sales registered a growth of 52.66 per cent YoY to Rs 524.54 crore in Q3FY21 as compared to Rs 343.60 crore in the corresponding quarter of the previous year. Its profit before interest, depreciation & tax (excluding other income) stood at Rs 65.53 crore for the quarter, witnessing an increase of 53.52 per cent YoY with a corresponding margin expansion of 7 bps. The net profit for the quarter stood at Rs 28.76 crore, delivering an exceptional growth of 357 per cent from Rs 6.29 crore in Q3FY20.
The company commands 70 per cent market share in steel wheels for off-road tyre, 50 per cent in steel wheels for passenger vehicles and 52 per cent in steel wheels for commercial vehicles.
At the time of market closing on Friday, the company’s stock was trading at Rs 639.90, down by 2.71 per cent on BSE.