Steel Strips Wheels (SSWL) gained 1.43% to Rs 167.15 after the company's net turnover jumped 16.75% to Rs 340.84 crore in November 2022 from Rs 291.93 crore in November 2021.
The company achieved gross turnover of Rs 422.40 crore in November 2022 as against Rs 343.51 crore in November 2021, registering a growth of 22.96% year on year (YoY).The company's 2 & 3 wheelers segment zoomed 92% YoY in November 2022 followed by Alloy Wheels segment, which surged 91% YoY. Truck segment jumped 66% YoY, Passenger Car segment increased 31% YoY and Tractor segment rose 30% YoY.
Meanwhile, total exports slumped 74% YoY in November 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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