Steel Strips Wheels skids after dismal Q3 results

Steel Strips Wheels fell 1.06% to Rs 757.05 after the company reported weak Q3 earnings after market hours on Friday, 10 January 2020.

On standalone basis, auto ancillary firm's net profit tanked 68% to Rs 6.29 crore in Q3 December 2019 as against 19.63 crore in Q3 December 2018. Net sales fell 28.8% to Rs 343.60 crore on YoY basis.

Shares of Steel Strips Wheels fell 16.46% in last one year amid slowdown in auto sector. The benchmark Nifty 50 index has gained 14.13% in the same period.

Steel Strips Wheels designs and manufactures automotive steel wheels and is among the leading supplier to Indian and global automobile manufacturers.

 

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