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.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.