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Home arrow News arrow Auto component arrow Steel Strips Wheels Ltd bags 33 million USD contract from BMW
Steel Strips Wheels Ltd bags 33 million USD contract from BMW Print E-mail
Written by Vivek   
Tuesday, 19 July 2011
Mumbai: Steel Strips Wheels Ltd, a leading manufacturer of automotive steel wheels, has bagged contract worth USD 33 million from BMW Germany for supply of steel wheels for its new launches in 2013 and 2014.

The annual volume for the three new models is 265000 steel wheels and supplies shall start from November 2013 to its Oxford, Leipzig and Regensberg plants in Germany and projected volume is USD 32.65 million.

Steel strips wheels limited is already supplying steel wheels to BMW Oxford plant for its prestigious mini model and the new order indicates BMW growing relationship with SSWL.

SSWL has manufacturing plants in Dappar (near Chandigarh), Oragadam (near Chennai) and a truck wheel plant at Jamshedpur. The company is in the process of expanding its Oragadam plant from 2.5 million wheels to 6 million per annum.

The company achieved a 34% growth in Sale in June 2011. For the quarter ended 30th June 2011, the comapny's net sales went up by 55 percent, from Rs 148.49 crores in Q1 2010 to Rs 230.13 crores in Q1 2011.

Its PBT increased by 46 percent, from Rs 8.33 crore in Q1 2010 to Rs 12.15 crore in Q1 2011. Its PAT increased by 60 percent, from Rs 7.22 crore in Q1 2010 to Rs 11.54 crore in Q1 2011. The EPS has increased 47 percent from 5.30 to 7.77 while its EBIDTA is up 40 percent.

Steel Strips Wheels Ltd expects sales of 180000 wheels to Renault Brazil against an earlier projection of 120000 for the Q2 FY 2011-12. This is due to increased demand from the OE for the Logan Car. The company is confident that this Brazil business will see more upswing in coming months.

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