Pricol Ltd has reported a standalone net profit of ₹15.92 crore for the quarter ended June 30, 2022, compared with ₹2.41 crore in the year-ago quarter. However, sequentially the number was down compared to ₹16.78 crore in Q4 FY22.
EBITDA stood at ₹49 crore, an increase of about 50 per cent y-o-y. Revenue from operations, too, grew significantly to ₹414.57 crore (₹292.75 crore). Profit before tax stood at ₹25.22 crore (₹4.06 crore).
Industry outlook uncertain
“The outlook for the industry remains uncertain with continued electronic chip shortage and supply chain disruptions hurting the vehicle productions of OEMs and in turn, affecting our sales. Also, the trend of acute price increase of raw materials continues to remain so, eroding the bottom line. Nevertheless, we have managed to achieve a performance better than the market in spite of such tough external conditions,” Vikram Mohan, Managing Director, Pricol Ltd, said in a statement.
Pricol has entered into an international technology licensing agreement with BMS PowerSafe, recognised as one of the top 3 pure players of battery management system (BMS) suppliers in Europe, to manufacture and sell BMS for the Indian market. “With new opportunities of growth areas identified combined with new business wins awarded from our customers, we stay committed to delivering a consistent performance overall,” said Mohan.