Steel Strips Wheels achieves 6 per cent growth in December

Steel Strips Wheels (SSWL) today announced its monthly sales - its volume for December 2019 witnessed a 6 per cent YoY increase. SSWL achieved a total wheel rim sales of 11.94 Lacs in December 2019 against 11,30 Lacs in December 2018.

The company believes that this momentum will continue, owning to good exports and contributions from Mehsana for the alloy wheel segment.

Nonetheless, SSWL reported a gross turnover of Rs 153.71 crore in December 2019 against Rs 178.39 crore in December 2018, representing a 14 per cent decline. However, on a month-on-month basis, the company witnessed a 2 per cent improvement. It has also seen a 20 per cent YoY increase in the 2- and 3- wheelers segment, followed by a 12 per cent rise in export and 10 per cent YoY improvement in the passenger car segment.

On the other hand, in the truck and tractor segment, SSWL observed 52 per cent and 6 per cent respective decline on YoY basis. The company said that the tractor segment saw a drop in volumes due to seasonality.

In today’s trading session, the stock of SSWL was trading in positive bias. The stock opened at Rs 774 against the previous close of Rs 765.15. It touched an intraday high of Rs 775 apiece but later cooled down and reached an intraday low of Rs 771.5.