 "Chip crisis, second Covid-19 wave drag Pricol Q2 net down 64% to Rs 13 cr")
Pricol Ltd, a manufacturer of auto parts and precision engineered products, has posted a 64 per cent dip in net profit during the second quarter of the financial year 2021-22 to Rs 13 crore from Rs 21.3 crore during the same period in 2020-21, owing to the second wave of Covid and semiconductor crisis.
The company’s total income stood at Rs 390 crore during the quarter ended September 30, 2021 up a marginal one per cent over Rs 387 crore in the corresponding quarter of FY21. The company’s earnings before interest, tax, depreciation and amortisation (operational EBITDA) stood at Rs 46.35 crore for the July to September 2021 quarter, as against Rs 54.42 crore in July to September 2020.
“Nationwide lockdowns during the second wave of Covid-19 and severe semiconductor shortages globally did impact the revenue and the profitability in the first quarter of the fiscal. The semiconductor shortage situation continued in Q2 as well,” said Vikram Mohan, Managing Director, Pricol.
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