Steel Strips Wheels achieved total wheel rim sales of 10.72 lakh in August 2019 compared to 14.14 lakh in August 2018, recording a decline of 24%. The August month saw continued cut in inventory and production from Auto Makers to further rationalize the inventory.
The August 2018 base was the highest ever so the base effect also played a role for double digit de-growth.
The company achieved gross turnover of Rs 131.96 crore in August 2019 compared to Rs 217.77 crore in August 2018, recording a decline of 39.40%. The net turnover was Rs 109.76 crore in August 2019 compared to Rs 166.41 crore in August 2018, recording a decline of 34%.
The production cut at all automakers for reducing the finished goods inventory is still underway and this is resulting in overall cut in inventory. The company is also reducing all its finished goods inventory to make overall lean inventory structure and will have its impact till September 2019.
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