Steel Stripes Wheels sees 17% shipment growth in September

steelstripsSteel Stripes Wheels Ltd said it achieved a 17% growth in total rim wheel sales in September from 12.08 lacs to 10.91 Lacs of last financial year.

´The tractor and passenger segment did extremely good and are expected to tread the same path in 3rd quarter of this financial year,´ said the company.

Domestic Tractor segment volumes grew by 47%. It grew by the highest rate in this year.

Despite higher numbers, turnover declined 13% to Rs 101.33 in September 2016 from Rs 117.13 cr last year due a fall in raw material prices.

Similarly, net turnover fell to Rs 91.25 cr this year 105.26 crore in 2015, also recording a 13% contraction.

“The contraction is majorly due to the raw material price drop of close to 20% which is now applicable on 100% of the customers,” said the company.

Passenger car segment grew 16% and is expected to remain strong going into this year.

2&3 wheelers segment grew by 20% in September 2016 YoY.

´The segment also grew in high double digit with very heavy festive demand and this will continue till year end,´ said the Indian company.

Exports shipments were up 7% in September 2016 and company expects the shipments growth of 10% for the FY 16-17.

“The LCV CV & MHCV segment segment saw a volume drop this month due to the production drop for the inventory adjustment before BS-IV launch,” said the company.

SSWL designs & manufactures automotive steel wheels since 1991.

The company´s product range comprises Steel wheels for Two and Three Wheelers, Passenger cars, Multi utility vehicles, Tractors, Trucks & OTR Vehicles.

SSWL have production facilities at Punjab, Chennai and Jamshedpur.

The company´s total capacity amounts to 9 million wheels in Dappar, 6 million wheels in Oragadam and 1.6 million truck wheels in Jamshedpur amounting to a total capacity of 16.6 million wheels.