Vardhman Special Steels and Toyota’s Global Supply Chain join hands for steel production
1 min read 07 Mar 2023, 08:41 PM ISTVardhman 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.
PremiumVardhman 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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