Pricol Ltd, a manufacturer of auto parts and precision engineered products, has returned to profit with a standalone net profit of ₹3 crore for the quarter ended March 31 compared with a loss of ₹121 crore in the year-ago quarter.
Profit before tax for the quarter stood at ₹27 crore against ₹122 crore loss in March 2020 quarter when it had an exceptional item of ₹127 crore.
Its operational EBITDA stood at ₹57 crore against ₹38 crore in the year-ago quarter. Revenue from operations grew significantly to ₹421 crore (₹263 crore).
“Steep increase in commodity prices had an impact on the EBITDA of the company in Q4FY21. 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 ICs in Q4FY21,” Vikram Mohan, Managing Director, Pricol Ltd, said in a statement.
For the full year ended March 31, 2021, the company’s PAT stood at ₹15 crore against a loss of ₹213 crore in FY20. Profit before tax was ₹47 crore compared to a loss of ₹217 crore (including an exceptional item of ₹191 crore) in the previous fiscal.
Pricol’s operational EBITDA stood at ₹178 crore against ₹98 crore in FY20. Revenue from operations increased to ₹1,336 crore compared to ₹1,139 crore.
“We remain bullish about the long term prospects for the company since we have heavily invested in technology and in capacity building in the prior years compounded by the efforts on increasing efficiency and productivity, as well as thrust on exports has helped the company launch new products and increase its market share and this will have a favourable long term impact once the pandemic is brought under control,” said Mohan.