Rico Auto Industries, a leading engineering company supplying a wide range of high precision fully machined aluminium and ferrous components and assemblies to auto OEMs has announced its Q3 FY2019 results. The company reported profit of Rs 10.9 crore, up 18 percent compared to same period last year.
In the period from April-December 2018, Rico Auto profit was Rs 44.2 crore, an incresae of 12 percent YoY.
In Q3 FY19, Rico Auto’s revenue was up by 10 percent at Rs 338.8 crore as against Rs 308.8 crore in Q3 FY18. Similarly, in the nine month period from April to December, the company posted a net revenue of Rs 1,056 crore, up by 18 percent YoY.
In the nine months of FY19, Rico Auto acquired Magna Rico Powertrain that became a subsidiary of Rico Auto and its subsidiary Rasa Autocom. The company is also setting up a new manufacturing plant at Halol in Gujarat for two-wheeler and four-wheeler components. The plant is expected to be operational from May 2019. Initial investment for the project is Rs 1.1 crore.
The company has also added orders from Kia Motors, Renault, Nissan, Daimler, Punch Powertrain, Greaves, BMW, Hero, Cummins, Honeywell and Tata having a program value of around Rs 2,300 crore (year to date). The company says its after market segment sales has gained momentum and crossed a turnover of Rs 16 crore during 9M FY19. Rico Auto is currently focusing on new clutch and CVT department and is also tapping on more customers for the EV parts.
Rico Auto’s integrated services include design, development, tooling, casting, machining and assembly across commodities.