Steel Strips Wheels wins new orders worth USD 0.94 million

Steel Strips Wheels Limited (SSWL), a designing & manufacturing automotive wheels company announced on Thursday that it has won new export orders for 11,000 wheels.

Notably, the company received export orders from a new US customer. The steel wheel manufacturer plans to execute the order from its Chennai plant in the month of December. The yearly business from the new US customer is expected to realise approximately USD 10 million in the current financial year.

The new business relationship will support the company in maintaining full capacity production at its Chennai steel wheels’ plant.

For the month of October, the company posted the highest-ever monthly sales and witnessed a 70 per cent YoY increase in its gross turnover to Rs 214.64 crore from Rs 125.79 crore for the corresponding month of the previous year. The company’s exports reached its all-time high and it expects the trend to be extremely strong, going ahead with a steep increase in the US and EU.

The company’s Mehsana alloy wheels plant is now running at a capacity utilisation of 95 per cent with further capacity addition in the near future.     

The stock today closed down by 1.1 per cent at Rs 485.6 on BSE. It recorded an intraday high of Rs 497.45. In comparison, S&P BSE SENSEX closed up by 1.78 per cent.