Steel Strips Wheels’ exports are likely to trend up and register 25pc growth in FY2021 on the back of healthy demand in the overseas market. The company received a new export order for 16,000 wheels for truck and caravan trailer market in the EU and the US on Monday, stated a company release. The order worth €1,78,000 ($200,230) will be executed in the month of August from its Chennai plant.
The company had received a bulk order for 1,19,000 wheels for US caravan trailers in the prior week.
However, in June, company’s wheel rim sales registered a fall of 43pc to 0.65mn from 1.13mn in the prior year month, while tractor sales volumes rose by 45pc in the month. The volumes dropped due to COVID-19-related disruptions and production cuts. The tractor segment is likely to hit all-time highs in the next few months.
Segment wise breakup of growth
|Segment||June Growth (YoY)|
|2 & 3 Wheelers||-91%|