Pritika Auto Industries Ltd Q3 FY24 PAT at Rs. 3.98 crore

Pritika Auto Industries Limited (BSE: 539359; NSE: PRITIKAUTO), among leading manufacturers of tractor components in India, announced its unaudited results for the quarter and nine months ended 31st December, 2023. These financials are as per the IND AS accounting guidelines.

Financial Results Highlights for the quarter ended 31st December2023:

- Production volumes for Q3 FY24 was at 7467 tons, as against 7,558 tons in Q3 FY23
- Net Revenue for the quarter was Rs. 70.83 crore in Q3 FY24, as against Rs. 77.82 crore in Q3 FY23.
- EBITDA was at Rs. 11.62 crore in Q3 FY24 as against Rs. 8.42 crore in Q3 FY23. EBITDA per ton also improved by 39.72% YoY
- Profit after Tax was at Rs. 3.98 crore in Q3 FY24, an upward of 39.15% YoY
- Basic EPS stood at Rs. 0.33 in Q3 FY24

Financial Results Highlights for the Nine Months ended 31st December 2023:

- Production volumes for 9M FY24 was at 27,959 tons, as against 29,187 tons in 9M FY23, a YoY growth of 30.01%
- Net Revenue for the nine months was Rs. 259.51 crore in 9M FY24, as against Rs. 273.87 crore in 9M FY23
- EBITDA was at Rs. 41.08 crore in 9M FY24 as against Rs. 32.62 crore in 9M FY23.
- Profit after Tax was at Rs. 14.26 crore in 9M FY24, while Basic EPS stood at Rs. 1.19 in 9M FY24

Commenting on the results, Mr. Raminder Singh Nibber, Chairman, Pritika Auto Industries Limited said: "In the face of persistent challenges impacting the tractor market in terms of industry-wide production volumes, Pritika Auto Industries Ltd. has demonstrated resilience and strategic foresight in navigating the market dynamics. Our commitment to operational excellence and adaptability positions us well for sustained success.

I am pleased to share a significant milestone in our growth journey. The NCLT approved the Demerger and vesting of the "Automotive/Tractor/Engineering Components Business Undertaking" of Pritika Industries Limited (the Demerged Company) to Pritika Auto Industries Limited (the Resulting Company). This strategic move significantly enhances our operational focus, marking a pivotal moment for our growth.

While external factors contributed to a slowdown in the industry's production volumes, our strategic initiatives, including the successful scheme of arrangement, have positioned us to weather these challenges. The integration of the business undertaking of PIL reinforces our organizational strength and resilience, contributing to our ability to navigate industry headwinds. It's worth noting that our performance in Q3 FY24 showcases commendable improvements in margin despite the decline in overall revenue. This was due to the synergy from PIL wherein we are now offering more value-added products.As we look ahead, our focus remains on leveraging these strategic advantages to fortify our market position and drive sustained growth. As the market recovers in terms of demand, we anticipate even better improvements in margins.

In conclusion, Pritika Auto remains resolute in overcoming challenges, underscored by our commitment to innovation and growth. The recent developments, including the demerger and business undertaking of PIL, signify a transformative phase for our company, and we are poised for a future marked by continued success and shareholder value creation."

Shares of Pritika Auto Industries Ltd was last trading in BSE at Rs. 49.09 as compared to the previous close of Rs. 50.09. The total number of shares traded during the day was 11099 in over 90 trades.

The stock hit an intraday high of Rs. 49.09 and intraday low of 49.09. The net turnover during the day was Rs. 544849.00.

Source : Equity Bulls

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PritikaAutoIndustries INE583R01029 Q3FY24 9MFY24 ResultUpdate