Palred Technologies registers 161% growth in consolidated revenue to Rs31cr during Q3 FY21

The rapidly growing brand registered complete sales of 9 lac units during the quarter.

Feb 17, 2021 01:02 IST India Infoline News Service

Palred Technologies Limited, a Technology Solutions player across Consumer Electronics, e-commerce, and IT Solutions industries, on Friday, announced its financial results for the quarter of October to December 2020.

Financial Highlights:
  • Consolidated Revenue of Rs31.43cr for the quarter, registered yoy growth of 161%
  • Consolidated Profit after tax stood at Rs1.23cr for the quarter Vs 1.72cr loss reported in Q3 FY20
  • Consolidated ytd Revenue of Rs85.38cr for the 9 months ended Dec 2020 and Consolidated ytd Profit after tax of Rs3.19cr for the 9 months ended Dec 2020
  • Revenue generated by pTron brand stood at Rs29.21cr in the quarter led by high volume demand for its home-manufactured offerings and a new audio range.
  • pTron brand EBIT at Rs1.79cr against profit of Rs0.35cr in Q3 FY 2020
The Company witnessed consistency in performance led by its digital lifestyle and audio accessories brand, pTron. The rapidly growing brand registered complete sales of 9 lac units during the quarter.

Overall profitability of the brand was positively impacted due to the spike in demand for wireless and true wireless audio devices. The WFH model along with online classes and the wave of fitnesscraze led to an overwhelming demand for hands-free audio devices. In the quarter ended December 2020, the TWS category had registered a humongous growth of 625% (in terms of units sold) as compared to the same period in 2019. The wireless neckband category also witnessed a spike of 313% as compared the quarter ended December 2019.

With an elaborate product portfolio catering to the price sensitive customers, the brand has been proactive in catering to the customer needs and to the pent-up demand post festive sales, giving the brand an upper edge in terms of customer consideration.

Commenting on the results, Harish Naidu, CFO, Palred Technologies Limited said, “Despite the severe global pandemic, the company has delivered a strong performance in operations and sales fronted by our brand pTron, that drove our vision for the company forward. We have witnessed a yoy growth of 161% with revenues over Rs31cr. The recovery witnessed has been better than what we expected a few months back.

With the tremendous revenues registered by Palred Technologies Limited, the company is on the verge ofcrossing Rs100cr in FY2021”.

Ameen Khwaja, Founder & CEO, pTron said, “The demand for wallet-friendly wireless and true wireless audio devices along with smart features makes pTron a unique and attractive option for the younger audience. With the launch of new products and re-establishment of our earlier product line, we can reliably forecast a strong upward trend in the current and upcoming quarteRsas well. With our super successful Bassbuds series which were received extremely well, we are expecting the series to lead the growth this quarter as well. We, as a brand are pouring in the best of our resources to bring in our A game and set an impressive benchmark to ensure maximum customer satisfaction. So, we are looking forward to bringing in a wider product range to cater to the current and expected demand”.

Palred Technologies Ltd was currently trading at Rs77 per piece up by Rs1.25 or 1.65% from its previous closing of Rs75.75 per piece on the BSE, at around 1:20 PM

Related Story

Open Free Demat Account (Rs699)