Steel Strips slips 10% after reduced net profit numbers

Net profit in the April to June quarter fell 1.1 percent to Rs 47.5 crore year-on-year, said the company in an exchange filing dated July 12.

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Steel Strips Wheels plunged 10 percent after the company’s June quarter net profit fell 1.1 percent year-on-year to Rs 47.5 crore. The stock closed at Rs 197 on the National Stock Exchange.

The stock has gained 24 percent since the start of this calendar.

Revenue from operations during the quarter increased 2.7 percent to Rs 1044 crore as compared to the same quarter a year ago.

Expenses for the company also grew 3.4 times to Rs 977 crore in Q1FY24 as compared to the same period a year ago.

ICICI Direct had a buy call on the stock with a target price of Rs 260. The domestic brokerage firm believes the wheel company will have healthy volume growth, increased exports, no risk from Electric Vehicles, and a consistent rise in margins and return ratios.

Also read Buy Steel Strips Wheels; target of Rs 260: ICICI Direct

Steel Strips Wheels said that export volumes have grown 219 percent year-on-year in June this year. Truck volumes have shown a 38 percent growth in June as compared to the same period last year. Passenger car sales were up 39 percent in the same quarter. However, 2&3-wheeler segment and Tractor segment sales were down 34 percent and 9 percent respectively in June as compared to June last year.

Steel Strips Wheels is a Chandigarh-based company which designs and manufactures steel and alloy wheels.

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