Pritika Auto Industries Limited, one of India’s leading tractor component manufacturers, has announced its audited results for the quarter and year ended March 31, 2022. This financial data is in accordance with IND AS accounting guidelines.
Highlights of financial results for the quarter ended March 31, 2022:
- Q4 FY22 production volumes were 5,885 tonnes, compared to 10,123 tonnes in Q4 FY21, as market demand for tractors slowed during this period.
- Net income for the quarter was Rs 57 crore in Q4 FY22, compared to Rs 79.63 crore in Q4 FY21, mainly due to lower volumes. However, realizations per tonne improved by 23.12% year-over-year in the quarter.
- EBITDA (excluding other income) was Rs7.13 crore in Q4 FY22 compared to Rs9 crore in Q4 FY21. Improved operating efficiency offset the impact of higher raw material prices, leading to an increase in EBITDA margin. EBITDA per ton also improved by 36.42% year-on-year
- Profit after tax was Rs2.25 crore in the fourth quarter of FY22, while basic EPS was Rs. 0.25
Hiehtights financial results for the year ended March 31, 2022:
- FY22 production volumes were 32,353 tonnes, up 3.68% year-on-year. This growth is due to a strong rebound in demand after the opening of COVID-related lockdowns, particularly in the first two quarters.
- Net revenue for the quarter was Rs 271.23 crore in FY22 compared to Rs 225.69 crore in FY21 mainly due to higher volumes. In addition, achievements per ton improved by 15.92% year-on-year during this period.
- EBITDA (excluding other income) was Rs30.02 crore in FY22 compared to Rs23.78 crore in FY21. Strong control of overheads offset the impact of raw material price volatility, leading to a better EBITDA margin. EBITDA per tonne also improved by 21.79% year-on-year.
- Profit after tax was Rs14.41 crore in FY22, growing 145.45% year-on-year, while core EPS stood at Rs. 1.62
Commenting on the results, Raminder Singh Nibber, Chairman of Pritika Auto Industries Limited, said, “Our performance for the full year is in line with expectations and reflects our continued growth. Despite the market uncertainties during this period, we are seeing a solid and sustainable order book.
The past year has also seen headwinds from the continued effects of the pandemic, particularly in the second wave of the first quarter. However, markets have continued to recover since then, with the third wave not being as severe as the first two.
The Company is continuing its growth trajectory with resilience. In FY22, we reported 20.18% YoY growth in revenue to Rs271.23 crore. Our EBITDA and PAT also increased by 26.26% and 145.45% year-on-year to Rs 30.02 crore and Rs 14.41 crore respectively. This was primarily driven by the continued recovery from the COVID downturn and a robust recovery in tractor industry demand, based on a healthy agricultural season.
In fact, we recorded our highest quarterly sales volume in Q2 FY22 at 10,723 tons. Our continued efforts to improve internal efficiencies and our product portfolio are reflected in our improved achievements and EBITDA per ton in this quarter and the full year. Additionally, our long-standing relationships with major OEMs, our strong product portfolio, and our focus on adding value have allowed us to navigate through various market conditions and cycles.
I would like to thank the entire ‘Pritika’ team for their dedication, especially in these times. I would also like to thank all of our valued stakeholders, whose support and trust in our business drives us to higher benchmarks.”
As of Tuesday morning, Pritika Auto Industries was trading at Rs15.35 per piece down 0.97% on BSE.