SSWL gains nearly 5 per cent on receiving orders from US & EU

Steel Strip Wheels Limited gained almost 5 per cent during the early trading session on Tuesday after the company announced that it has received an order of over USD 3,68,000 from the United States and European Union.

The company confirmed the export orders of nearly 38,000 wheels for the US & EU markets. The wheels, which will be manufactured at Dappar (Punjab) & Chennai (Tamil Nadu) plant, are said to be executed in the months of December & January. The company expects to receive similar orders from the same customers as the business activities have picked up.  

On the financial front, the company recorded revenue of Rs 404.74 crore in Q2FY21 with a growth of 11.78 per cent YoY, compared to Rs 362.08 crore it recorded in the corresponding quarter of the previous year. EBITDA of the company increased 20.29 per cent YoY and stood at Rs 49.81 crore in Q2FY21, compared to Rs 41.4 crore in the September quarter of the previous year. The company recorded stellar profit growth of 82.37 per cent YoY at Rs 14.02 crore as against Rs 7.69 crore in Q2FY20.

At 1.05 pm, the share was trading at Rs 476, up by 1.02 per cent from its previous close on BSE. It had an intraday high of Rs 495 and an intraday low of Rs 476 on BSE.