homebusiness Newscompanies NewsExports revival will start from fourth quarter, says Steel Strips Wheels
Exports revival will start from fourth quarter, says Steel Strips Wheels
Steel Strips Wheels has entered into a Memorandum of Understanding (MoU) with Isreal based Redler Technologies for developing, manufacturing and selling EV controllers.
Steel Strips Wheels had earlier scaled down its exports guidance for FY23 to around Rs 450 crore from Rs 600-650 crore given the weakness in the global markets.
However, in quarter four of FY23 the revival of exports will start and this number will go back to the numbers of financial year 21-22 in financial year 23-24, said Mohan Joshi, Head-Corp Strategy & Investments at Steel Strips Wheels.
“Next financial year we will have exports of alloy as well as exports of steel wheels back and we are fairly confident that we will achieve the financial year 21-22 export numbers in financial year 23-24,” he said.
The company has reported close to Rs 4,000-4,100 crore revenue in terms of the topline. “Export markets still remain subdued and we are fairly confident that this nature of subdued demand will take an uptick coming into Q4 of this financial year,” he added.
Steel Strips Wheels has entered into a Memorandum of Understanding (MoU) with Isreal based Redler Technologies for developing, manufacturing and selling EV controllers.
It is an MoU of joint venture ratio of 51:49 where SSW will hold 51 percent and Redler Technologies will hold 49 percent.
Going forward, this opportunity is expected to scale up to the tune of $700-800 million in next three-five years.
With the advance technology access with Redler Technologies, the company expects to have the first-mover advantage to completely localize the product and offer this product to all the EV-based original equipment manufacturers (OEMs) which are trying for transformation from the typical fossil fuel vehicles to EVs.
The industry size is expected to be in between $600 million and $700 million in coming three years. “We are fairly confident of grabbing a minimum of 25 percent market share,” he said.
For the full interview, watch the accompanying video
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