Pricol reports Q1 PAT at Rs 6 cr

Pricol's consolidated net profit stood at Rs 5.94 crore in Q1 June 2021 (Q1 FY22) compared with net loss of Rs 30.85 crore in Q1 June 2020 (Q1 FY21).

Consolidated net sales surged 187.6% to Rs 306.05 crore in Q1 FY22 as against Rs 106.40 crore in Q1 FY21. Pre-tax profit was at Rs 7.76 crore in Q1 FY22 as against a pre-tax loss of Rs 31.50 crore in Q1 FY21. The Q1 earnings were declared post market hours yesterday, 10 August 2021.

Commenting on the Q1 performance, Vikram Mohan, the managing director (MD) of Pricol, has said, "We are going through challenging times in the automotive industry thanks to the lockdowns due to the pandemic compounded by acute shortage of electronic components globally which is taking its toll on the company's performance. Nevertheless, with prudent cost control and continual new business wins we are confident of delivering above market growth rates and maintaining the bottom lines in spite of these challenges. Loss of sales due to potential further lockdowns and shortage of electronic components we believe will continue to impact the automotive industry in India for a few more quarters. But we remain bullish about the mid to long term prospects for our company due to the new business wins especially in the Electric Vehicle (EV) area and growth in market share of the company."

Pricol is one of India's leading automotive components and precision engineered products manufacturers. The company has 7 manufacturing plants across Coimbatore, NCR, Pantnagar, Pune and Sricity, 1 subsidiary manufacturing plant in Satara, 1 manufacturing unit in Indonesia; and 2 international offices in Tokyo and in Singapore.

Shares of Pricol lost 0.96% to Rs 82.95 on BSE. The stock has traded in the range of Rs 81.40 to Rs 87.60 so far.

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