Steel Strips Wheels net sales up 21%

Steel Strips Wheels,said its net sales have increased 20.78 per cent in March to Rs 91.80 crore.

Steel Strips Wheels,a manufacturer of automotive wheels,today said its net sales have increased 20.78 per cent in March to Rs 91.80 crore.

In terms of number of wheel rims,the company sold 9.16 lakh rims in last month,it said in a filing to the BSE.

In March,2011,the company had reported sales of 9.10 lakh rims,amounting to Rs 76 crore.

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Besides,the company also achieved highest ever sale of truck wheel rims last month,though it did not give the figure.

The company achieved exports growth of 40.85 per cent at 110,064 rims during the month,as compared to 78,140 rims during the corresponding period of last year.

The company,which supplies wheel rims to various auto makers in India and abroad,had bagged a supply contract last month from German car maker Audi for its A6 platform.

The company is expecting to start supplies to Audi in the current financial year and has said that it sees potential of exports worth 20.28 million euros (about Rs 137 crore) over a four-year period.

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Shares of Steel Strips Wheels were trading at Rs 221 apiece on the BSE at 1530 hours,up 2.13 per cent.

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