SSWL gallops after net turnover soars 96% YoY in May

Steel Strips Wheels (SSWL) rallied 4.27% to Rs 775.60 after the company's net turnover jumped 96.31% to Rs 325.26 crore in May 2022 from Rs 165.68 crore in May 2021.

The company achieved gross turnover of Rs 401.07 crore in May 2022 as against Rs 190.69 crore in May 2021, a growth of 110.32% year on year (YoY).

The company's 2 & 3 wheelers segment reported a growth of 1307% YoY in May, followed by Truck segment, which rose 454% YoY. Passenger Car segment grew 293% YoY, Alloy Wheels segment rose 135% YoY and Tractor segment jumped 63% YoY.

Meanwhile, total exports fell 56% YoY in May 2022.

Separately, SSWL announced that the promoter group released some of the pledged shares on 31 May 2022.

The promoters along with the persons acting in concert hold 1,95,94,804 equity shares, or 62.77% equity, in SSWL. Out of this, 37,29,044 equity shares, or 11.94% of total paid up capital of the company and 19.03% of total promoter shareholding were pledged.

On 30 May 2022, 3,50,000 shares were pledged and on 31 May 2022, 4,50,000 shares were released from pledge. Accordingly, the total number of shares pledged has reduced to 36,29,044, or 11.62% of total paid up capital of the company and 18.52% of total promoter shareholding.

SSWL is engaged in the manufacturing of steel wheel rims catering to different segments of automobile industry. The firm operates in automotive wheels segment. Its geographical segments include India and overseas.

The company's net profit rose 9.7% to Rs 48.89 crore on 51.9% rise in net sales to Rs 1,063.26 crore in Q4 FY22 over Q4 FY21.

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