SSWL hits 52-week high after strong June sales

Steel Strips Wheels (SSWL) jumped 9.85% to Rs 920 after the company said it achieved second highest monthly sales for the month of June 2021.

SSWL achieved net turnover of Rs 242.40 crore in June 2021 from Rs 82.76 crore in June 2020, registering a growth of 192.61%. The company achieved gross turnover of Rs 284.32 crore in June 2021 compared with Rs 97.59 crore recorded in the month June 2020, there by registering an increase of 191.07% year on year.

SSWL's exports segment volume rose by 193% year on year. The export segment achieved its highest ever sales by volume & sales in June 2021 and is expected to grow further. Passenger vehicle segment rose by 157% year-on-year and saw an uptick in demand. Two & three wheelers segment grew by 204% year on year.

Commercial vehicles segment grew by 194% year on year while tractor segment declined by 1% year on year.

In a separate announcement, SSWL said that on 30 June 2021, 45,000 shares were released from the pledge and accordingly, now the number of shares pledged has been reduced to 36,34,994 which is 23.29% of total paid up capital of the company.

As on 31 March 2021, promoters held 62.77% in SSWL.

Shares of SSWL hit a 52-week high of Rs 947.8 in intraday today. The stock has climbed 133% from its 52-week low of Rs 393.60 hit on 3 August 2020.

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 auto ancillary company posted a net profit of Rs 44.56 crore in Q4 FY21 as compared to a loss of Rs 5.25 crore registered in Q4 FY20. Net sales jumped 80.8% to Rs 699.87 crore in Q4 FY21 over Q4 FY20.

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