Steel Strips Wheels posts 45% yoy rise in net turnover to Rs305.57cr for January on robust growth across verticals

1 Feb 2022 , 03:49 PM

Steel Strips Wheels Ltd. achieved a net turnover of Rs 305.57 crore in January 2022 against Rs 210.19 crore in January 2021, recording a growth of 44.72% YoY, and 30% MoM. Notably, the company reached a Gross Turnover of Rs 377.83 crore in January 2022 as compared to Rs 253.50 crores in January 2021, thereby reflecting a growth of 47.35% YoY.

The company’s Alloy wheels business grew the highest by 89% YoY during January 2022, while its truck business recorded a substantial growth of 67% YoY in the relevant period, which is the highest ever monthly sales in the CV segment.

It reported that its passenger car business witnessed a growth of 34% on-year over the year during January 2022, while tractor business grew marginally by 1% YoY for January 2022.

The company’s export business reported a satisfactory growth of 25% YoY during January 2022, however, its 2 & 3 wheelers business slammed by 8% YoY for January 2022.