Steel Strips Wheels (SSWL) advanced 2.95% to Rs 164.05 after the company's net turnover jumped 42.58% to Rs 334.41 crore in December 2022 from Rs 234.54 crore in December 2021.
The company achieved gross turnover of Rs 413.76 crore in December 2022 as against Rs 285.19 crore in December 2021, registering a growth of 45.08% year on year (YoY).The company's Truck segment segment zoomed 113% YoY in December 2022 followed by Tractor segment segment, which surged 73% YoY. Alloy Wheels segment jumped 69% YoY and Passenger Car segment rose 10% YoY. On the other hand, the company's 2 & 3 wheelers segment slipped 7% YoY.
Meanwhile, total exports slumped 45% YoY in December 2022.
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 dropped 13% to Rs 54.61 crore despite of 12.8% rise in net sales to Rs 1,081.09 crore in Q2 FY23 over Q2 FY22.
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