Pritika Auto Industries consolidated sales crosses Rs30cr for August 2021

Pritika has a strong pan India presence and also exports to major clients in the US.

Sep 06, 2021 01:09 IST India Infoline News Service

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Pritika Auto Industries Ltd has announced highest ever consolidated monthly dispatches, touching 3450 tons and highest consolidated monthly sales which crossed Rs30cr for the month of August.

Currently, it has three ultra modernstate of art manufacturing units, wherein two are located in Punjab and one in Himachal Pradesh.In addition to these, the company is working towards setting up its fourth plant in Punjab. Pritika has a strong pan India presence and also exports to major clients in the US.

With regards to products, they have a diversified portfolio which includes axle housings, wheel housings, hydraulic lift housings, end cover, plate differential carrier, cylinder blocks, crank cases.

Recently,the company had announced highest Monthly sale ever and highest yearly sale on consolidated basis and are now one of the largest company in North India for machined castings.

The company’s clientele includes OEMslike M&M, Swaraj, TAFE, Escorts, SML Isuzu, TMTL, Ashok Leyland, New Holland Tractors India Ltd., Brakes India Ltd. As of today, the company has a wide and diversified client base across India and overseas.

Speaking about the expansion plans, Harpreet Singh Nibber, Managing Director said, “We currently have three manufacturing units across Punjab and Himachal Pradesh with a total production capacity of over 50,000 tons per annum.To cater to the rising demand, the Companyplans to expand capacity by 1,500 tons per month, resulting in a capacity of 18,000 pa, through a new manufacturing unit in Punjab — operational from 2023.

Thus, we will have a total capacity of 68,000 ton pa by 2023. The new unit would be built on land already owned by the Company and will be fully equipped with the latest technology and machinery, capable of manufacturing the whole gamut of products that the company currently produces. Weaim to raise capital of approximately Rs35cr for this new endeavour. Ofthis, Rs25cr would be for the new plant, while Rs10cr would go into working capital. ”

"Furthermore, Pritika plans to tap emerging opportunities for exports to global OEMs. In order to cater to this, we already as shared earlier are adding to production capacities. Apart from expansion in global market, we also aim to increase our presence in geographically strategic locations in India. In addition to above, we will continue to focus and keep adding new productsin our portfolio”, he added.

At around 1:20 PM, Pritika Auto Industries was trading at Rs18.65 apiece down by Rs0.15 or 0.8% on the BSE.

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