Steel Strips Wheels Receives Caravan Wheel Order From Europe

Indian automotive parts manufacturer Steel Strips Wheels Ltd (SSWL) has bagged exports order for supply of steel wheels for European Union Caravan market.

This order covers supplies of approx. 27,000 steel wheels in a period of 2 months.  Wheels will be shipped from SSWL'S Chennal plant by end of this month.

This is a repeat order which strengthens SSWL'S position as a strong player in caravan wheels market in European region.

SSWL achieved total wheel rim sales of 12.38 lakh versus 12.93 lakh in August 2017 representing a year-on-year drop of 4 per cent volume due to highest sale volume base of last year in the same month. The volumes of truck and tractor segment helped post highest healthy revenue growth for the company.

In terms of value, the company has achieved gross turnover of Rs 153.56 crore in August 2017 versus Rs 116.41 crore in August 2016, there by recording a growth of 32 per cent and achieved net turnover of Rs 124.10 crore in August 2017 versus Rs 104.77 crore in August 2016, recording a growth of 19 per cent.

The rise in turnover is mainly driven by very good growth in truck and tractor segment and the auto parts maker expects this trend to continue to make this quarter a record sales quarter for the company.

The order pipeline of tractor and truck segment is very strong and SSWL anticipates the first mass production from its Chennai truck plant to start in the month of September 2017.