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Steel Strip firms up on order win

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Steel Strip Wheels (SSWL) rose 0.61% to Rs 738.20 after the company said it received new orders worth over Rs 42 crore from US and Europe.

SSWL on Wednesday announced that it has received export orders of close to 4,00,000 wheels for US & EU caravan trailer market, US Mobile Home and US Truck trailer market.

The company said it will complete order execution by early July 2021 from its Chennai and Dappar plants. Order of similar capacity are anticipated by the company in coming months from similar customer base as business continues to recover rapidly.

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: Wed, April 07 2021. 11:23 IST
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