SSWL bags order worth USD 3.5mn from US

Chandigarh-headquartered company Steel Strips Wheels Limited (SSWL) informed the bourses that it has received exports order for Truck & Trailer aftermarket from the US market.

The said order comprises of supplies of close to 70,000 Truck Steel Wheels and would be completed in 12-month time frame. The company expects to generate total revenue of US$3.5 million from this project.

In FY19, the company sold 15.91 million number of wheels as against 14.53 million in FY18, which is 9.5 per cent growth in volumes. Also, in FY19, SSWL exported 1.6 lakh number of wheels as against 1.2 lakh in FY18.

The company holds 50 per cent market share in the passenger vehicle segment, 44 per cent in the tractor segment, 53 per cent in the commercial vehicle segment and 70 per cent in off-road vehicles segment.

Steel Strips Wheels is engaged in the business of manufacturing single piece steel wheel rims in the range of 10 to 30 inches mostly used in scooters, passenger cars, utility vehicles and tractors which is covering almost all the vehicle segment. Its supply of rims goes to almost all key manufacturers in the auto sector.

On Thursday, the stock closed at Rs. 784.15 per share, marginally lower by 0.11 per cent on BSE. The benchmark index Sensex closed at 38,798, higher by 240 points.