Steel Strips Wheels Ltd (SSWL) on Friday reported over two-fold rise in net profit at Rs 11.91 crore for the quarter ended March 31 on the back of lower expenses.
The company had reported a net profit of Rs 4.26 crore in the corresponding quarter of FY14, SSWL said in a regulatory filing. However, the company's total income from operations declined to Rs 293.9 crore, from Rs 302.6 crore in the same quarter of 2013-14.
The total expenses of the company reduced to Rs 271.91 crore, from Rs 295.36 crore in the corresponding quarter of FY14.
The company's Board has recommended a dividend of Rs 2 per fully paid-up equity share of Rs 10 each. SSWL had earlier said that it has bagged an export order worth 5.8 million euros (nearly Rs 40 crore) from Renault Brazil.
The order will cater to both domestic and export requirements of Renault Global and strengthen the export dominance of SSWL with Renault Global, it had said. SSWL designs and manufactures automotive steel wheels and is a leading supplier to Indian and global automobile manufacturers.
The company's product range comprises steel wheels for two and three-wheelers, passenger cars, multi utility vehicles, tractors, trucks and off-the-road vehicles.
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