SSWL gains after turnover rises by over 10% YoY in Feb'23

Steel Strips Wheels advanced 1.21% to Rs 150 after the company said that it had achieved a net turnover of Rs 350 40 crore in February 2023 as against Rs 317.72 crore in February 2022, recording a growth of 10.29% on YoY basis.

The company's gross turnover in February 2023 was Rs 432.21 crore, up by 10.54% from Rs 390.97 crore in February 2022.

On the segmental front, growth was led by Tractor division (up 52% YoY), followed by Alloy Wheels segment (up 19% YoY), Truck segment (up 14% YoY) and 2 & 3 Wheelers division (up 4% YoY).

However, during the period under review, Exports registered a de-growth of 10% YoY. Further, Passenger Car segment recorded negative growth of 3% as compared with the same period last year.

Steel Strips Wheels (SSWL) is engaged in the manufacturing of steel wheel rims catering to different segments of automobile industry. The firm operates in automotive wheels segment. Its geographical segments include India and overseas.

The company's standalone net profit rose 2.53% to Rs 43.77 crore on a 9.05% increase in sales to Rs 938.44 crore in Q3 FY23 over Q3 FY22.

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