Pritika Auto net revenue increases 20% yoy to Rs271 crore on account of higher sales volume

10 May 2022 , 09:16 AM

Pritika Auto lndustries Limited, among leading manufacturers of tractor components in lndia has announced its audited results for the quarter and year ended March 31, 2022. These financials are as per the IND AS accounting guidelines.

Financial Results Highlights for the quarter ended March 31, 2022:

• Production volumes for Q4 FY22 was at 5,885 tons, as against 10,123 tons in Q4 FY21, since demand from the tractor market witnessed a slowdown during this period.
• Net Revenue for the quarter was Rs57 crore in Q4 FY22, as against Rs79.63 crore in Q4 FY21, mainly due to lower volumes. However, realizations per ton improved by 23.12% yoy during the quarter.
• EBITDA (excluding other income) was at Rs7.13 crore in Q4 FY22 as against Rs9 crore in Q4 FY21. lmproved operational efficiencies offset the impact of raw material price rise, leading to higher EBITDA margin. EBITDA per ton also improved 36.42%yoy
• Profit After Tax was Rs2.25 crore in Q4 FY22, while Basic EPS stood at Rs. 0.25

Financial Results Hiehtights for the full year ended March 31, 2022:

• Production votumes for FY22 was at 32,353 tons, growing 3.68% YoY. This growth came in from a strong rebound in demand post the COVID related lockdowns opened up, especially in the first two quarters.
• Net Revenue for the quarter was Rs271.23 crore in FY22, as against Rs225.69 crore in FY21, mainly due to higher volumes. Moreover, realizations per ton improved by 15.92% yoy during this period.
• The EBITDA (excluding other income) was at Rs30.02 crore in FY22 as against Rs23,78 crore in FY21. Strong control on overheads offset theimpact of volatility in raw material prices, leading to better EBITDA margin. EBITDA per ton also improved 21.79%yoy.
• Profit After Tax was Rs14.41 crore in FY22, a growth of 145.45% yoy, while Basic EPS stood at Rs. 1.62

Commenting on the results, Raminder Singh Nibber, Chairman, Pritika Auto lndustries Limited said, “Our full year performance is in line with expectatians and reflects our sustained growth. Despite market uncertainties during this period, we are witnessing a strong and sustainable order book.

The past year also faced headwinds from continued impacts of the pandemic, especially during the second wave in the first quarter. However, markets have continued to recover since then, with the third wave not being as severe as the first two.

The Compony is continuing on its growth trajectory, dispIaying resiIience. ln FY22, we reported a 20.18% year-on-yeor growth in top line at Rs271.23 crore. Our EBITDA and PAT also grew 26.26% and 145.45% yoy to Rs30.02 crore and Rs14.41 crore, respectively. This has mainly been driven by continued recovery post the COVID-slowdown and a robust recovery in demand from the tractor industry, based on a healthy agricultural season.

lnfact, we reported our highest quorterly sales volume in Q2 FY22 at 10,723 tons. Our continuous efforts to improve internal efficiencies and our product portfolio, reflects in our improving realizations and EBITDA per ton during this quarter and full year. Moreover, our long-standing relationships with leading OEMs, strong product portfolio and focus on value addition enabled us to navigate through various market conditions and cycles.

I would like to thank the entire team of ‘Pritika’ for their dedication, especially during such times. I would also like to thank all our valued stakeholders, whose support and faith in our Company pushes us to achieve higher benchmarks.”

On Tuesday morning trade, Pritika Auto Industries was trading at Rs15.35 per piece lower by 0.97% on the BSE.