SSWL moves forward after reporting record turnover in Feb

Steel Strips Wheels rose 2.06% to Rs 1,037.95 at 14:30 IST on BSE after the company said that it has achieved highest ever monthly revenue in February 2018, helped by record truck wheel sales.

The announcement was made during market hours today, 1 March 2018.

Meanwhile, the S&P BSE Sensex was down 39.81 points or 0.12% at 34,144.23. The S&P BSE Small-Cap index was up 2.87 points, or 0.02%, to 18,130.80, outperforming the Sensex.

On the BSE, 522 shares were traded on the counter so far as against the average daily volumes of 3,632 shares in the past one quarter. The stock had hit a high of Rs 1,037.95 and a low of Rs 1,014 so far during the day. The stock had hit a record high of Rs 1,225 on 10 January 2018. The stock had hit a 52-week low of Rs 682.05 on 27 February 2017.

The stock had underperformed the market over the past one month till 28 February 2018, falling 7.82% compared with the Sensex's 5.18% fall. The stock had, however, outperformed the market over the past one quarter, gaining 6.7% as against the Sensex's 1.68% rise. The scrip had also outperformed the market over the past one year, gaining 41.11% as against the Sensex's 18.93% rise.

The small-cap company has equity capital of Rs 15.56 crore. Face value per share is Rs 10.

Steel Strips Wheels (SSWL) said that total wheel rim sales rose 12% to 13.03 lakhs in February 2018 over February 2017. The robust growth in February was purely on account of company adding its new truck wheel capacity and all across segments reporting healthy growth run rate.

In terms of value, the company's gross turnover jumped 57% to Rs 193.69 crore in February 2018 over February 2017.

Steel Strips Wheels' net profit rose 43.6% to Rs 18.12 crore on 19.4% rise in net sales to Rs 397.44 crore in Q3 December 2017 over Q3 December 2016.

Steel Strips Wheels designs and manufactures automotive steel wheels and is among the leading supplier to Indian and global automobile manufacturers.

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