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SSWL April sales decline 12% MoM

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Steel Strips Wheels' (SSWL) achieved wheel rim sales of 14.77 lakh in April 2021 compared with 16.73 lakh in March 2021, representing a decrease of 11.71% month-on-month (MoM).

SSWL has achieved second highest net turnover of Rs 235.28 crore in April 2021 as against Rs 253.29 crore in March 2021, a decrease of 7.11%. It achieved gross turnover of Rs 284.34 crore in April 2021 compared with Rs 307.38 crore in March 2021, a decrease of 7.49% MoM.

Exports segment volume rose 4% MoM. The export segment achieved its highest ever sales by volume in April 2021, and expected to grow further. The segment still has order backlogs and the company expects to maintain current sales volume run rate going ahead.

In April 2021, passenger vehicle (PV) segment declined 7%, tractor volumes declined 7%, commercial vehicles segment declined 34%, 2&3 wheelers segment declined 46% over March 2021.

SSWL's net profit soared 4.57 times to Rs 28.75 crore in Q3 FY21 from Rs 6.29 crore in Q3 FY20. Revenue from operations during the quarter increased by 52.66% year-on-year (Y-o-Y) to Rs 524.54 crore in Q3 FY21.

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 rose 2.22% to Rs 730 on BSE. The stock traded in the range of Rs 625 to Rs 752.80 so far.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Mon, May 03 2021. 16:44 IST