Pricol Ltd, a manufacturer of auto parts and precision engineered products, reported standalone net profit of ₹2 crore for the quarter ended June 30 compared with a loss of ₹29 crore in the year-ago quarter.

Its operational EBITDA stood at ₹33 crore against ₹2 crore in the year-ago quarter. Revenue from operations grew significantly to ₹293 crore compared to ₹104 crore.

Profit before tax for the June quarter stood at ₹4 crore against ₹31-crore loss in June 2020 quarter.

“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,” Vikram Mohan, Managing Director, Pricol Ltd, said in a statement.

“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, he added.