Pritika Auto net revenue rises 34% yoy to Rs226cr on account of higher sales volume

Pritika Auto recently reported its highest ever monthly sales volume at 3,200 tons in January 2021.

Jun 18, 2021 10:06 IST India Infoline News Service

Pritika Auto Industries Limited has announced its audited results for the quarter and full year ended 31st March2021. These financials are as per the IND AS accounting guidelines.

Performance at a glance:
  • Robust recovery post reopening of lockdowns
  • FY21 Production volume at 31,206 tons, up 18.8%, driven by strong pick-up in demand for tractors from agri-sector
  • FY21 Net Revenue at Rs.225.7crore, 34.4% yoy growth on account of higher sales volumes and realizations
  • FY21 EBIDTA up13.3% yoy at Rs.23.8cr
  • FY21 PAT increased 5.2% YoY to Rs5.9cr
Recent Developments:
  • Pritika Auto recently reported its highest ever monthly sales volume at 3,200 tons in January 2021.
  • The Company added a new client, a leading tractor OEM, to its customer-base
  • Pritika Auto recently won an additionalorder for axle housings from an existing esteemed client. The order is worth Rs10 cr per annum
  • Pritika Auto won a repeat export order from the US-based client, bringing the totalexport order value to USD 2 million
Commenting on the results, Raminder Singh Nibber, Chairman, Pritika Auto Industries Limited said, "The second wave of COVID-19 continues to have an impact on the industry, business operations is welles personal lives of people across the country. With partial lockdowns in several parts of the nation, logistics and demand are still under pressure. However, l am happy to share that our Company has sustained well during such turbulent times and has proven to be resilient in the face of headwinds. Leading OEMS across India continue to rely on us to deliver quality products in time, reaffirming the trust that they have placed in us.

In Q4 FY21, we reported a 128.93% year-on-year growth in top line at Rs79.63cr. Our EBITDA and PAT also grew 162.06% and 2245.79% year-on-year to Rs9.00cr and Rs5.09 :rare, respectively. This has mainly been driven by a robust demand from the tractor industry, )abed on a healthy agricultural sector. Intact, we reported our highest ever sales volume in a 'month at 3,200 tons in January 2021, and this quarter's sales volume are also our highest ever in a quarter at 10,123 tons.

This, coupled with a strong order book gives us a buoyant outlook for the next quarter as well. We also expanded our clientele with the addition of a new reputed OEM in India. Moreover, our efforts to improve internal efficiencies and our product portfolio, reflects in our improving our ralizations per ton during this quarter and full year.

Our technological capabilities, operational efficiencies, and strong client relationships continue to be our pillars of strength, seeing us through various market phases. The Company is well positioned to capitalize on its strengths and grow sustainably. l would like to thank the entire team of 'Pritika 'for their untiring efforts and dedication, especially during such times. l would also like to thank all our valued stakeholders, whose support and faith in our Company gives us the determination and ambition to set and achieve higher benchmarks.

At around 10:20 AM, Pritika Auto Industries was trading at Rs20.25 apiece up by Rs0.1 or 0.5% on Sensex.

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