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Steel Strips Wheels receives export order of $12 million

Capital Market 

Steel Strips Wheels on Thursday announced that it has received export orders valued close to $12 million from Western Hemisphere.

The said orders will be executed till end of Jan 2022 from its Chennai & Dappar plants. Steel Strip confirmed that orders of similar capacity are anticipated in coming months as businesses continue 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 surged 347.93% to Rs 62.80 crore on 136.71% increase in net sales to Rs 958.04 crore in Q2 FY22 over Q2 FY21.

Shares of Steel Strips Wheels closed 0.79% higher at Rs 1,760.35 on the Muharat Trading Day.

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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: Sat, November 06 2021. 11:32 IST