Revenue for the quarter improved 60% year-on-year to Rs 421 crore, while EBITDA improved 50% to Rs 57 crore as automotive sales gained traction during the quarter. Subsequently, the company reported a net profit of Rs 3 crore as against a loss of Rs 121 crore last year.
“Our growth for FY 21 has been higher than the growth of the corresponding segments of the market which has been mainly driven by introduction of new products as well as increased share of business from our customers on account of sustained performance and tight cost control,” said Vikram Mohan, Managing Director, Pricol Limited.
The sharp increase in commodity prices ate into the company’s margin during the quarter, he said.
For the complete fiscal year ending March, the company reported a profit of Rs 15 crore as against a loss of Rs 213 crore in FY20. Revenue for the year improved 17% to Rs 1,336 crore while EBITDA grew by 82% to Rs 178 crore.
The stock of Pricol Limited ended 1.16% lower on Wednesday at Rs 85 against a 0.75% increase in the benchmark Sensex.
“As our company is highly dependent on import of electronic child parts, the global shortage of ICs resulted in higher raw material prices and loss of production due to non-availability of select (integrated circuits) in Q4 FY21,” Mohan said.
