Steel Strips Wheels Ltd.'s profit for the three months ended June rose 47% on a yearly basis, aided by strong revenue growth and an improvement in operating margin.
The company's net profit stood at Rs 69.5 crore for the first quarter of the current financial year, up from Rs 47.2 crore in the same period last year, according to an exchange filing on Wednesday. Revenue for the quarter rose 27% year-on-year to Rs 1,510 crore, compared with Rs 1,187 crore a year earlier.
Steel Strips Q1 Results (Consolidated, YoY)
- Revenue up 27.2% to Rs 1,510 crore versus Rs 1,187 crore.
- Ebitda up 33.6% to Rs 163 crore versus Rs 122 crore.
- Margin at 10.8% versus 10.2%.
- Net profit up 47.2% to Rs 69.5 crore versus Rs 47.2 crore.
Operating performance also strengthened during the quarter, with the earnings before interest, tax, depreciation and amortisation climbing 34% year-on-year to Rs 163 crore, against Rs 122 crore in the corresponding period last year.
The company's Ebitda margin expanded to 10.8% from 10.2% a year ago, reflecting better cost efficiencies and a favourable product mix.
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Steel Strips Share Price
Shares of Steel Strips surged as much as 13% intraday to touch a fresh 52-week high of Rs 283 apiece on the National Stock Exchange. It was trading 3.87% higher at Rs 260.14 per share as of 2:01 p.m. after the results, compared to a 0.10% advance in the benchmark Nifty.
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