Steel Strips Wheels reports 31% rise in February sales

Steel Strips Wheels Ltd. | Auto Ancillary | Automobiles | BSE: 513262 | NSE: SSWL

03 Mar 2014 Evaluate

Steel Strips Wheels (SSWL), a producer of automobile wheel rims, recorded an increase of 31% in wheels sales of 10.06 lakh during February 2014 as against 7.69 lakh in February 2013. The order execution book for March 2014 looks to grow close to 10%. The order book for passenger car, Tractor & MHCV looks healthy and will push the volumes for the month of March.

In terms of Value, the company has achieved highest ever gross turnover of Rs 109.11 crore in February 2014 Vs Rs 78.21 crore in February 2013, recorded a growth of 39.51% and achieved a Net turnover of Rs 97.60 crore in February 2014 Vs Rs 70.66 crore in February 2013, recorded a growth of 38.13%.

Passenger Car segment grew by 10% in February 2014 Y-o-Y basis. 2 & 3 wheeler segment grew by 70% on the back of good volume growth across the customers and is poised to move with healthy rate. Meanwhile, tractor segment grew by 17% Y-o-Y basis and are expected to now pick up further momentum in the final quarter

Exports rose 47% year-on-year (Y-o-Y) with total sales at 1.29 lakh as against 0.88 lakh in February 2013. The export segment is growing at healthy rate and will pick up steadily on pick up in tractor & passenger car volumes. Tractor segment exports have started ramping up with existing customer and will provide cushion in next financial year. SSWL has added a new tractor segment business where very good volumes are indicated for next financial year.

SSWL is a part of the Steel Strips Group, headquartered in Chandigarh. It is engaged in the manufacturing of single piece steel wheel rims in the range of 10 to 30 inches for scooters, passenger cars, utility vehicles and tractors. It supplies rims to almost all major manufacturers of two wheelers, three wheelers, four wheelers, tractors and heavy commercial vehicle.