Steel Strips Wheels (SSWL) advanced 2.61% to Rs 159.05 after the company annound the prepayment of a portion of its long term debt amounting to Rs 81.26 crore.
In an exchange filing made during market hours today, the company said that it has prepaid its term debt of Rs 81.26 crore in the current quarter as on date.
After this prepayment along with normal repayments for the period, the company's long-term debt is reduced to Rs 270.20 crore as on date from Rs 374.39 crore as on 31 March 2022. "The company is working to further pre-pay its long term loans in the next quarter, so as to remain on course on its target of achieving a financial leverage of sub 1.5 times of total debt, SSWL said in a statement.
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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