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Steel Strips Wheels (SSWL) has announced that it has received its first contract as an aluminium wheel supplier to one of India's passenger automobile manufacturers. Following signing an alloy wheel supply agreement with one of India's leading passenger car manufacturers, SSWL saw its value increase by 2.57% to ₹229.80.
SSWL produces steel wheel rims for use in various automotive sector applications. In Q3 FY24, the company's consolidated net profit increased by 35.76% to ₹59.41 crore, while revenue increased by 18.31% to ₹1,110.30 crore from Q3 FY23. It also stated that the order reaffirms the company's excellent client relationships.
“We’re honored to be recognized by the OEM as a strategic partner for supply of aluminium wheels besides Steel Wheels,” it said.
Earlier in January, the company reported net sales at ₹1,110.30 crore during December 2023, up 18.31% from ₹938.44 crore in December 2022. Quarterly net profit was at ₹59.54 crore in December 2023, up 36.03% from ₹43.77 crore in December 2022.
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