Steel Strips Wheels record muted sales in February

Steel Strips Wheels on Tuesday said its total wheel rim sales rose 1% to Rs 12.98 lakh in February 2020 as against Rs 12.83 lakh in February 2019.

The company's gross turnover fell 7% to Rs 165.89 crore in February 2020 from Rs 177.40 crore in February 2019. Its net turnover slipped 5% to Rs 137.77 crore in February 2020 over Rs 144.38 crore in February 2019.

Exports segment reported highest ever volume for Steel Strips Wheels (SSWL) on the back of record sales to USA. During the period under review, exports segment surged 144% and tractor volumes rose by 13%. Passenger car segment volumes fell 4%, two & three wheelers segment fell 19% and commercial vehicles segment volumes fell by 40% during February 2020.

The company's total wheel rim sales declined 3.49% in February 2020 as against Rs 13.45 lakh in January 2020.

SSWL's standalone net profit slumped 68% to Rs 6.29 crore on a 28.8% decline in net sales to Rs 343.60 crore in Q3 December 2019 over Q3 December 2018.

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.

Shares of SSWL fell 1.15% to Rs 700. The scrip hovered in the range of Rs 694 to Rs 700 so far.

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