Autoline Industries slumps over 2% post Q4 financial earnings

Company ventured into EV business and enhanced revenues from new businesses broadening its customer base.

Jun 29, 2021 02:06 IST India Infoline News Service

Autoline Industries, a leading auto components manufacturer has announced its results for the 4th Quarter and year ended 31st March, 2021.

Key Financial Highlights –FY20-21 Vs FY19-20
  • Though the revenues were lower due to Covid pandemic, Q4 performance was better than Q4FY19-20.
  • Due to cost reduction initiatives and customer support, the Company achieved a positive EBITDA signaling a turnaround.
  • Company ventured into EV business and enhanced revenues from new businesses broadening its customer base.
Highlights of recent developments taken place
  • Preferential Issue: The Company successfully completed issue of equity shares through preferential allotment of Rs32.5 Croresincluding share warrants. Promoters’stake would increase from 29.91% to 33.39% post conversion of warrants.
  • Debt Reduction: Company reduced its overall debt burden by Rs20.30ce
  • Consolidation of Mfg. Unit: The Company has divested two properties situated at Pune with an intent to consolidate the facilities and now is in process to consolidate one of them to its manufacturing facility situated at Chakan, Pune and the divestment proceeds have been used to reduce the debt.
Operational Highlights:
  • Revenue from operations rose 114% to Rs117.78cr in Q4 FY21.
  • EBITDA  was increased at Rs10.18cr.
  • PAT stood at Rs1.67cr in Q4 FY21 as compare to the loss of Rs16.67cr during Q4 FY20.
“We have demonstrated strong resilience which has been reflected in our performance this year. We are determined to expand our customer base, improve liquidity, expand product portfolio and improve efficiency and cost”, said Shivaji Akhade, Managing Director.

Autoline Industries was trading at Rs45.60 apiece down by Rs1.10 or 2.36% on the BSE, at around 2:40 PM.

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