Steel Strips Wheels gained 2.42% to Rs 896.20 after after the company's net turnover jumped 14.55% to Rs 325.93 crore in August 2022 from Rs 308.09 crore in August 2021.
The company achieved gross turnover of Rs 436.67 crore in August 2022 as against Rs 373.03 crore in August 2021, registering a growth of 17.06% year on year (YoY).
The company's Alloy Wheels segment zoomed 100% YoY in August 2022, followed by Truck segment, which surged 80% YoY. Passenger Car segment grew 56% YoY, 2 & 3 wheelers segment advanced 30% YoY and Tractor segment rose 13% YoY.
Meanwhile, total exports slumped 76% YoY in August 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 13.61% to Rs 44.13 crore in Q1 FY23 compared with 51.08 crore in Q1 FY22.
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