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Business News/ Companies / News/  Vardhman Special Steels and Toyota’s Global Supply Chain join hands for steel production
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Vardhman Special Steels and Toyota’s Global Supply Chain join hands for steel production

Vardhman Special Steels Ltd (VSSL), headquartered in Ludhiana, Punjab, announced today that it has partnered with Toyota's Global Supply Chain to begin mass steel production.

VSSL, headquartered in Ludhiana, Punjab, is one of India's top producers of special steels, serving a wide range of industries including automotive, engineering, tractors, bearings, and allied industries.Premium
VSSL, headquartered in Ludhiana, Punjab, is one of India's top producers of special steels, serving a wide range of industries including automotive, engineering, tractors, bearings, and allied industries.

Vardhman Special Steels Ltd (VSSL), headquartered in Ludhiana, Punjab, announced today that it has partnered with Toyota's Global Supply Chain to begin mass steel production. The company stated that it has begun bulk production of steel for Aichi Steel Company forging companies in South East Asia for some of the grades for which it has acquired authorization. The sales of these products will be around 10,000 MT in FY 2023-24 and will rise higher if more permissions are granted over the following 2 to 3 years, said Vardhman Special Steels.

Commenting on this development, Mr Sachit Jain, Vice Chairman & Managing Director, Vardhman Special Steels Ltd. said, “This is a historic moment for VSSL as we have started mass production of steel for Toyota. This will establish VSSL and India as a supplier of high-quality automotive steel. This is one of the biggest landmark event in the history of VSSL and a matter of great pride for our country."

During Q3FY23, Vardhman Special Steels reported a net income of 414.07 Cr, up by 14.60% YoY from 361.32 Cr recorded in Q3FY22. The company said its net expenses reached 371.40 Cr during the quarter ended December 2022, up by 13.45% YoY from 327.36 Cr recorded during the quarter ended December 2021. The company said its EBIT stood at 42.67 Cr compared to 33.96 Cr recorded in the same quarter of FY22. The net profit of Vardhman Special Steels reached 28.47 Cr, up by 46.22% YoY from 19.47 Cr recorded in Q3FY22. The EPS of Vardhman Special Steels stood at 7.02 in Q3FY23 compared to 4.81 recorded in Q3FY22.

VSSL, headquartered in Ludhiana, Punjab, is one of India's top producers of special steels, serving a wide range of industries including automotive, engineering, tractors, bearings, and allied industries. The company also handles steel supplies for specific customers in overseas markets such as Thailand, Taiwan, Turkey, Italy, Russia, Germany, Vietnam, and Japan.

On Monday, the shares of Vardhman Special Steels closed on the NSE at 344.85 apiece, up by 3.02% from the previous close of 334.75. In the last 1 year, the stock has gained 50.23% and on a YTD basis, it has gained 12.07% so far in 2023.

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Published: 07 Mar 2023, 08:41 PM IST
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