Automotive component and technology supplier Pricol reported a 75.3% jump in its consolidated net profit at Rs 29.80 crore for Q4FY23. The company had posted a net profit of Rs 17 crore in the year-ago period.
The company's revenues from operations stood at Rs 509.69, a jump of 23.8% versus revenues of Rs 415.80 crore, in the corresponding period last year. During the quarter under review, EBITDA stood at Rs 62.34 crore and the EBITDA margin was 12.23%.
The company enhanced its production capacity enhancement in Tool room, Plastic Component Manufacturing Shop and SMT (Surface Mount Technology) for PCB assembly line by adding new machines.
Vikram Mohan, Managing Director said “In Q4 FY23, with the collective efforts of all our stakeholders, we managed to clock the highest ever topline in a particular quarter in the history of Pricol and closed the financial year with a performance exceeding our expectations."
He said that the company had its fair share of challenges in terms of supply chain constraints, especially IC components, in this quarter as well, which had an impact on the bottom line. He also expects supply chain issues to soften in the upcoming quarters.
Pricol’s 15.7% stake was recently acquired by Minda Corporation. Pricol's top management promptly responded by reiterating that they had no plans of undertaking any secondary sale or raising equity capital. Recently, Minda Corporation announced its intention to approach the Competition Commission of India (CCI) for taking its stakes up to 24.5%. The CCI is likely to examine whether the initial acquisition of 15.7% was a pure financial investment or a strategic decision made with the goal of reaching 24.5% ownership.
Read more: Understanding the legalities of Minda Corporation's attempt to acquire additional stake in Pricol