Pricol, a manufacturer of auto parts and precision-engineered products, has posted a standalone net profit of ₹13 crore for the quarter ended December 31, 2021, against a profit of ₹19 crore in the same quarter a year ago.
Its operational EBITDA was lower at ₹42 crore against ₹66 crore a year ago. Revenue from operations fell 14 per cent to ₹379 as compared to ₹439 crore. Profit before tax for the quarter was lower at ₹18 crore as compared to ₹31 crore.
For the 9-month period ended December 31, 2021, Pricol reported a net profit of ₹29 crore against ₹12 crore in the same period of the previous fiscal. Revenue from operations was higher at ₹1,048 as compared to ₹915 crore.
“The third quarter of the fiscal has been quite challenging for us and the sentiment is echoed across the industry. There was an acute material shortage and huge degree of fluctuation in customer demands combined with the uncertainty of Omicron spread,” Vikram Mohan, Managing Director, Pricol, said in a statement.
“With the economy recovering and the evolving dynamics in the industry, we were and are extremely nimble across all fronts to tackle the prevailing situation, while working hard to keep operations under control to clock a decent performance above the industry norms,” he added.
“While the company is cautiously optimistic about the times ahead, it is confident of delivering profitable and sustainable growth supported by strong product offerings. Pricol is also actively working on new products and technology, which will be announced for market soon,” said Mohan.