The Hindu Business Line : Pricol posts 28-pc rise in income

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Coimbatore Jan. 27 Propelled by a 109-per cent growth in exports, automotive systems and components manufacturer Pricol Ltd has seen a surge in income from sales and net profit in the third quarter of current financial year compared to the same period last year.

The company also expects to commission its factory in Indonesia shortly.

According to the un-audited financial results, the income from sales and services went up 28 per cent to Rs 150.97 crore in the October-December quarter of 2006-07 compared to Rs 117.6 crore in the corresponding quarter last year. The total expenditure was Rs 125.80 crore (Rs 98.74 crore).

Inspite of higher provisioning for interest and depreciation, the profit before tax was higher at Rs 14.1 crore (Rs 9.5 crore). Net profit after tax stood at Rs 10.2 crore (Rs 8.16 crore).

The EPS (face value of share: Re 1) for the latest quarter was Rs 1.14 (Re 0.83).

Export trigger

According to company sources, domestic sales registered a growth of 18.5 per cent in the quarter ending December 2006. But there was a 109 per cent increase in export sales in the quarter — from Rs 12.5 crore in the third quarter of last year to Rs 26 crore in the third quarter of this year — that resulted in the surge in sales volume.

Among the countries to which Pricol exported its products were Iran, Italy and Indonesia. Pricol's factory in Indonesia will be commissioned shortly.