Pricol Q1 net profit up 55% at Rs 32 crore

Coimbatore-based auto component maker Pricol reported 55% growth in its consolidated net profit to Rs 31.9 crore for the April-June quarter (Q1 FY24).

The company had registered a standalone profit of Rs 20.6 crore in the corresponding quarter of the previous year.

According to Vikram Mohan, Managing Director of Pricol, the numbers are also higher than the revenue reported during Q4 of the previous financial year, which clearly shows an upward trend in line with the company's vision.

"Not only did we achieve good financial results, but we also secured multiple prestigious awards during the quarter which further strengthened our customer’s trust in our work. This trajectory is a testament to the sheer dedication of our teams who have worked to deliver this performance. We are confident to scale even higher and deliver maximum value to all our stakeholders in the years to come," Mohan added.

Meanwhile, the company's total income stood at Rs 540 crore in Q1 FY24, up 21%, as compared to Rs 446.4 crore in the same quarter a year ago.

During the quarter under review, the company's EBITDA stood at Rs 66.5 crore with a growth of 17.4% year-on-year.