Pricol gains on partnering with US-based Sibros Technologies

Pricol rose 2.33% to Rs 120.60 after the company announced partnership with Sibros Technologies, Inc, USA, for providing telematics and connected vehicle solutions to the OEMs in Indian and ASEAN Markets across all vehicle segments.

The agreement shall be valid for a period of 5 years from the date of signing.

Pricol will develop the hardware and firmware as required by the customer.

Sibros will develop the software and provide its Saas platform for connected vehicle solutions with OTA updates as required by the customer for the technology.

Pricol and Sibros shall in consultation jointly decide the customer requirements and specifications to deploy end-to-end solutions.

Pricol manufactures over 2,000 products such as instrument clusters/telematics, fuel pump modules, oil and water pumps, fuel level sensors, temperature and pressure sensors, wiping systems, among others at its plants located in Gurugram (Haryana), Phulgaon (Pune), Pantnagar (Uttarakhand) and Sricity (Andhra Pradesh). It has three subsidiaries, one each in India (wiping systems), Indonesia (instrument clusters and pumps) and Singapore (procurement arm of Pricol for overseas supplies).

The company's consolidated net profit declined 19.04% to Rs 17.35 crore on a 11.62% fall in sales to Rs 394.74 crore in Q3 FY22 over Q3 FY21.

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