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SSWL gains on bagging export order

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Steel Strips Wheels (SSWL) rose 2.39% to Rs 710 after the company said it received new orders worth over Rs 25 crore from US and Europe.

In a regulatory filing made during market hours today, the company said that it had received export orders of over 170,000 wheels for US & EU caravan trailer market, US mobile home and US truck trailer market.

SSWL will complete their execution by early July 21 from its Chennai and Dappar plants.

"Orders of similar capacity are anticipated in coming months from similar customer base as businesses continue to recover rapidly," the company said in a statement.

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 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 (YoY) to Rs 524.54 crore in Q3 FY21.

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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: Thu, April 29 2021. 11:59 IST