Steel Strips Wheels Ltd reports highest ever monthly sales volume in october 2020

Steel Strips Wheels Ltd (SSWL) has achieved gross turnover of Rs 214.64 Crs in October 2020 Vs 125.79 Crs in October 2019, there by recording a growth of 70% and achieved net turnover of Rs.175.29 Crs in October 2020 Vs Rs.104.00 Crs in October 2019, recording a growth of 68.5%.

SSWL achieved October2020 total wheel rim sales of 14.85 Lacs Vs 10.55 Lacs in October 2019 representing a growth of 41% YoY. SSWL expects to maintain good MoM uptrend to reach its highest revenue levels by Q4 of FY 20-21.

Exports segment volume rose by 121%. The export segment reported solid yoy growth and we expect the trend to be extremely strong going ahead with steep increase in us and EU. SSWL is working hard to further improve export contribution in total revenue and the company expects to reach more than 20% by Q4 of the current FY.

Passenger car segment volumes rose 42% in October 2020 YoY. The PV volumes saw a robust growth backed by strong festive sentiment helping the demand and personal mobility is also gather momentum with each round of unlock in the country. We are hoping that the steady uptick in demand will be supported by these factors to maintain healthy growth for PV segment.

Tractor volumes rose by 58% in October 2020 YoY. The tractor segment reported momentum in October with bumper harvest and again a good monsoon season yield, good farm yield. The govt initiative towards TRACTOR FOR ALL mission will ensure the momentum to continue.

Commercial Vehicles Segment volumes rose by 75% YoY in October 2020. The CV segment reported good YoY growth on the back of low base of last year but MoM sales volumes are improving back with increase in Infrastructure spending and good festive mood pushing freight movement. The segment is expected to witness steady MoM improvement and industry is waiting for movement on Scrappage policy for next uptick in demand.

2 & 3 Wheelers Segment fell 18%. The 2/3 wheeler segment continued its drag. The segment is not showing growth with some shift going towards Bike segment on personal mobility factor. The segment is expected to remain under pressure for few more months.

Shares of STEEL STRIPS WHEELS LTD. was last trading in BSE at Rs.473.65 as compared to the previous close of Rs. 478.55. The total number of shares traded during the day was 16556 in over 855 trades.

The stock hit an intraday high of Rs. 493.9 and intraday low of 459. The net turnover during the day was Rs. 7846666.

Source : Equity Bulls

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