Steel Strips Wheels reports 60% rise in its Q1 net profit

Steel Strips Wheels has reported unaudited results for the first quarter ended June 30, 2011.

The company’s profit for the quarter ended June 30, 2011 has surged 59.83% at Rs 11.54 crore as compared to Rs 7.22 crore for the corresponding quarter last year. Total income has increased by 54.98% at Rs 230.13 crore for the quarter under review from Rs 148.49 crore for the same quarter last year.

The company 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.