Vardhman Special Steels Ltd (VSSL)
Today, Punjab-based Vardhman Special Steels Ltd (VSSL) announced that it has teamed up with Toyota’s Global Supply Chain to start industrial-scale steel production.
The business announced that for certain of the grades for which it has obtained authorization, it has started producing steel in bulk for Aichi Steel Company forging businesses in South East Asia.
According to Vardhman Special Steels, sales of these goods will be around 10,000 MT in FY 2023–2024 and could go much higher if more permissions are obtained over the next two to three years.
Vardhman Special Steels reported a net income of 414.07 Cr in Q3FY23, up from 361.32 Cr in Q3FY22 by 14.60% YoY. According to the company, net expenses increased by 13.45% YoY to reach 371.40 Cr during the quarter that ended in December 2022 from the quarter that concluded in December 2021, when they were recorded at 327.36 Cr.
According to the corporation, EBIT was 42.67 crores, up from 33.96 crores in the same quarter of FY22. Vardhman Special Steels’ net profit increased by 46.22% YoY to 28.47 Cr from 19.47 Cr in Q3FY22. Vardhman Special Steels’ EPS increased from $4.81 in Q3FY22 to $7.02 in Q3FY23
Mr. Sachit Jain, Vice Chairman & Managing Director, Vardhman Special Steels Ltd., commented on this milestone and stated, “This is a historic occasion for VSSL as we have started mass manufacturing of steel for Toyota. As a result, VSSL and India will become recognized as a source of premium automobile steel. One of the most significant turning points in VSSL history, and a source of immense pride for our nation”.
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