Coimbatore, August 10, 2021: The Board of Directors at Pricol Limited (BSE: 540293; NSE: PRICOLLTD), one of India’s leading automotive component and precision engineered product manufacturers, today approved the unaudited financial results for the quarter ended on June 30, 2021.
Performance Highlights for Standalone Operations
INR in Cr.
|Particulars||Q1 – FY21||Q1 – FY22|
|Revenue from Operations||103.97||292.75|
|Profit Before Tax (PBT)||(31.22)||4.06|
|Profit After Tax (PAT)||(28.93)||2.41|
Q1 (2021 – 2022)
- Total Income stood at INR 306.52-cr in the quarter ended June 30, 2021, as against INR 117.36-cr in the corresponding quarter in FY21
- Revenue from operations for the first quarter of FY22 stood at INR 292.75-cr as compared to INR 103.97-cr in the first quarter of FY21
- The Company’s Earnings before Interest, Tax, Depreciation and Amortization (Operational EBITDA) stands at INR 32.70-cr for the April – June 2021 quarter, as against INR 2.40-cr in April – June 2020
- Profit Before Tax (PBT) stood at INR 4.06-cr for the first quarter of FY22 as compared to a loss of INR 31.22-cr in the first quarter of FY21
- Profit After Tax (PAT) stands at INR 2.41 -cr in Q1 (2021 – 2022) as against INR (28.93-cr) in Q1 (2020 – 2021)
From the Desk of Managing Director
Commenting on the company’s performance, Mr. Vikram Mohan, Managing Director, Pricol Limited said,
“We are going through challenging times in the automotive industry thanks to the lockdowns due to the pandemic compounded by acute shortage of electronic components globally which is taking its toll on the company’s performance. Nevertheless, with prudent cost control and continual new business wins we are confident of delivering above market growth rates and maintaining the bottom lines in spite of these challenges. Loss of sales due to potential further lockdowns and shortage of electronic components we believe will continue to impact the automotive industry in India for a few more quarters. But we remain bullish about the mid to long term prospects for our company due to the new business wins especially in the Electric Vehicle (EV) area and growth in market share of the company.”
About Pricol Limited
Pricol Limited is one of India’s leading automotive components and precision engineered products manufacturers head quartered in Coimbatore. Pricol commenced its operations in the year 1975 in Coimbatore, South India and today it strides as a reputable global brand in the automotive component and products business, highly recognized by top automotive OEMs across the world. The company carries out its business and operations in Driver Information Systems and Sensors, Pumps and Allied Products, Telematics and Wiping Systems catering to leading automotive OEMs in Two / Three Wheeler, Passenger Vehicles, Commercial Vehicles, Farm Equipment and Off-Road Vehicles across India and in International Markets (45+countries) with 2000+ product variants.
Today the company has 7 manufacturing plants across Coimbatore, NCR, Pantnagar, Pune and Sricity, 1 subsidiary manufacturing plant in Satara, 1 manufacturing unit in Indonesia; and 2 international offices in Tokyo and in Singapore. Pricol Group is powered by 5000+ strong, dedicated workforce which resolutely pursues the mission to be PASSIONATE, SUSTAINABLE, DYNAMIC and EVOLVING. The logo addresses the synergistic relationship between the four stakeholders (Customers, Employees, Shareholders and Suppliers) working in a convergent manner in order to create value for each other.
Certain statements that are made in the Press Release may be forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties like significant changes in economic environment in India and overseas, tax laws, inflation, litigation, etc. Actual results might differ substantially from those expressed or implied. Pricol Ltd. will not be in any way responsible for any action taken based on such statements and discussions; and undertakes no obligation to publicly update these forward-looking statements to reflect subsequent events or circumstances.