Steel Strips Wheels Limited (SSWL), a leading manufacturer of automotive wheels in India, has announced its financial results for June 2024, showing modest growth despite varied performance across different segments of the automotive industry. The company reported a net turnover of Rs. 358.11 crores in June 2024, a slight increase of 0.64% compared to Rs. 355.83 crores in June 2023. Gross turnover saw a marginally higher growth of 1.15%, reaching Rs. 434.21 crores in June 2024 versus Rs. 429.26 crores in the same month last year. Segment-wise analysis reveals a mixed picture of the automotive
01 Jul 2024 | 16583 Views | By Autocar Professional Bureau
Steel Strips Wheels Limited (SSWL), a leading manufacturer of automotive wheels in India, has announced its financial results for June 2024, showing modest growth despite varied performance across different segments of the automotive industry.
The company reported a net turnover of Rs. 358.11 crores in June 2024, a slight ...
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Steel Strips Wheels Limited (SSWL), a leading manufacturer of automotive wheels in India, has announced its financial results for June 2024, showing modest growth despite varied performance across different segments of the automotive industry.
The company reported a net turnover of Rs. 358.11 crores in June 2024, a slight increase of 0.64% compared to Rs. 355.83 crores in June 2023. Gross turnover saw a marginally higher growth of 1.15%, reaching Rs. 434.21 crores in June 2024 versus Rs. 429.26 crores in the same month last year.
Segment-wise analysis reveals a mixed picture of the automotive market:
Overall, SSWL managed to achieve a 2% growth in volume and a 1% increase in value across all segments combined. This performance comes against the backdrop of a challenging global economic environment, with factors such as inflation, supply chain disruptions, and geopolitical tensions affecting various industries.
The company's ability to maintain growth, albeit modest, in this complex landscape demonstrates its resilience and adaptability. However, the divergent performance across segments highlights the need for strategic focus on high-growth areas while addressing challenges in underperforming sectors.
As the automotive industry continues to evolve with trends like electrification and lightweighting, SSWL's future performance will likely depend on its ability to innovate and align with these shifting market dynamics.