Mumbai, Aug 1 : Steel Strips Wheels Ltd (SSWL) has reported a de-growth of 7 per cent in July 2019 in total wheel rim sales at 12.59 lakhs against 13.59 lakhs in July 2018.
July saw recovery in many sections of automotive market as compared to June and the company expects this recovery to continue going ahead for this financial year. There was a growth of 12 per cent MoM in total volumes with both exports and domestic markets showing signs of improvement, the company said in a filing with BSE.
The company has achieved its highest sales in the last five months in July 2019 and it expects this trend continue to improve going ahead each month with exports helping to offset the domestic slowdown in the markets. The forthcoming festive season will also support domestic market conditions.
SSWL has achieved gross turnover of Rs 162.77 crores in July 2019 Vs 185.07 crores in July 2018, there by recording a de-growth of 12 percent and achieved Net turnover of Rs 134.75 Crs in July 2019 Vs Rs.152.79 Crs in July 2018, recording a de-growth of 12 per cent. Chennai car plant achieved Highest Production and Sale in July 2019 with capacity utilization of 95 percent and the company expects to hit 100 percent utilization from August onwards on very strong export demand for US and EU customers, the filing added. (UNI)