SSWL rallies as net turnover rises to Rs 358 cr in June 2024

Steel Strips Wheels (SSWL) jumped 4.49% to Rs 224.50 after the company's net turnover rose marginally to Rs 358.11 crore in June 2024 as against Rs 355.83 crore recorded in June 2023.

The company's gross turnover grew by 1.15% to Rs 434.21 crore in June 2024 from Rs 429.26 crore in June 2023.

In value terms, the 2&3 wheeler segment climbed 87% YoY and Tractor segment jumped 20% YoY. On the other hand, Passenger Car -Alloy segment fell 4% YoY, Passenger Car- Steel segment slipped 12% YoY, Truck segment shed 1% YoY and Exports segment slipped 25% YoY in June 2024.

In volume terms, the 2&3 wheeler segment surged 99% YoY, followed by Tractor segment (up 20% YoY) while Truck segment remains constant on YoY basis. However, Passenger Car-Alloy segment (down 5% YoY), Passenger Car- Steel segment (down 5% YoY), and Exports (down 16% YoY) during the period under review.

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.

Steel Strips Wheels (SSWL) reported a consolidated net profit of Rs 515.56 crore in Q4 FY24, steeply higher than RS 47.29 crore posted in Q4 FY23. Revenue from operations stood at Rs 1,068.67 crore in Q4 FY24, up 6.34% from Rs 1,004.92 crore recorded in the same period previous year.

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