Steel Strips Wheels get new orders worth USD 455,000 from US & Europe

Designer and manufacturer of the automotive steel wheel, Steel Strips Wheels Limited (SSWL) announced on Tuesday that it has received new export orders worth over US$ 455,000 for about 42,000 wheels for US & EU trailer markets.

The new orders are to be executed in the month of September and October from its Chennai plant. The company expects similar capacity orders from the same customer base as the business is gaining momentum.

With sales gradually picking up, the business expects 14 per cent growth on a YoY basis in average volume and revenue. The company anticipates an average gross revenue rate of Rs 150 crore-Rs 155 crore per month in the next three months. It also expects strong momentum from the export segment with a growth of about 75 per cent YoY.

SSWL caters products like steel wheels for two and three-wheelers, passenger cars, multi-utility vehicles, tractors, trucks, and off-the-road (OTR) vehicles. The company has three production facilities at Punjab, Chennai (Tamil Nadu), and Jamshedpur (Jharkhand) with a total capacity of 16.6 million wheels.

The share of SSWL at 1.13 pm was trading down by 0.11 per cent at Rs 445 on BSE. In comparison, S&P BSE Auto index was trading 1.17 per cent higher. SSWL has recorded a 52-week high value of Rs 798 and a 52-week low value of Rs 317.35.