SSWL achieved March 2019 total wheel rim sales of 10.80 Lacs Vs 13.23 Lacs in March 2018 representing a de-growth of 18% YoY.
SSWL has achieved gross turnover of Rs 187.18 Crs in March 2019 Vs 218.63 Crs in March 2018, there by recording a de-growth of 14% and achieved Net turnover of Rs.151.59 Crs in March 2019 Vs Rs.169.05 Crs in March 2018, recording a de-growth of 10%.
The year-end cut in production was on account of high dealer end inventory to streamline the pipeline inventory. Major part of cutback in inventory is completed in last 2 months and we expect normalcy to resume from April 2019. The Auto makers sales of March 2019 was better that Feb 2019 and more inventory clearance has happened In last 2 months and with extended production cuts we expect major inventory reduction has happened in last 2 months.
Segment wise Breakup of growth
|Segment||March Growth (YoY)|
|2 & 3 Wheelers||-49%|
Passenger car segment volumes fell 4% in March 2019 YoY. The PV volumes were flat outpacing the industry trend. We expect this moderation to improve going into Q1 2019-20.
Exports Segment rose by 2%. The segment saw a flat growth in March 2019. SSWL is chasing large export orders worth up to 2Mn wheels annually and we expect the order wins in next 1 month. We expect a large inflows of export orders in coming 2 months to penetrate more global footprints.
Tractor volumes fell by 24% in March 2019 YoY. The tractor segment saw a drop of 24% and it is better than the industry production drop on account of delayed sowing season and inventory correction by all the major tractor makers.
2 & 3 Wheelers Segment grew by 49%.The sales fell post major inventory reduction planned at one of the 2 wheeler customer to correct the dealer inventory towards the financial year end.
Commercial Vehicles segment volumes fell by 23% YoY in March 2019.The CV segment saw sales drop with year-end inventory control by all major customers with final truck sales getting impacted due to axle load norms.