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Updated on: Tuesday, August 10, 2021, 07:39 PM IST

Pricol reports standalone Q1 net profit at Rs 2.41 cr; revenue soars 161%

PTI
Commenting on the financial performance, Pricol Ltd MD Vikram Mohan said,

Commenting on the financial performance, Pricol Ltd MD Vikram Mohan said, "we are going through challenging times in the automotive industry thanks to the lockdown due to the pandemic compounded by acute shortage of electronic components globally which is taking its toll on the company's performance"/ Representational image | Photo by Wang Jilin/Xinhua

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Pricol Ltd, automotive component and precision engineered product manufacturer, on Tuesday reported standalone profit after tax at Rs 2.41 crore for the quarter ending June 30, 2021.

The Tamil Nadu-based company had reported standalone net loss at Rs 28.93 crore during corresponding quarter previous year.

Total income during the quarter under review grew to Rs 306.52 crore from Rs 117.36 crore registered in same quarter last year.

The company's earnings before interest, tax, depreciation and amortization (Operational EBITDA) stood at Rs 32.70 crore for the April-June 2021 quarter as against Rs 2.40 crore registered in the corresponding quarter previous year.

Commenting on the financial performance, Pricol Ltd MD Vikram Mohan said, "we are going through challenging times in the automotive industry thanks to the lockdown due to the pandemic compounded by acute shortage of electronic components globally which is taking its toll on the company's performance".

"...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 lockdown and shortage of electronic components we believe will continue to impact the automotive industry for a few more quarters", he said.

"We remain bullish about the mid to long term prospects for our company due to the new business wins especially in the Electric Vehicle area and growth in market share of the company", he added.

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Published on: Tuesday, August 10, 2021, 07:39 PM IST
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