Pritika Auto Industries FY24 Results: PAT Climbs 7.38%, Revenue Reached Rs. 342.09 Cr

One of India's top producers of tractor components, Pritika Auto Industries Limited, released its audited results for the quarter and full year that ended on March 31, 2024.

In Q4 FY24, net revenue for the quarter was Rs. 82.58 crore, compared to Rs. 88.16 crore in Q4 FY23. Compared to 9,929 tonnes in Q4 FY23, production volumes for Q4 FY24 were 8,813 tonnes. Compared to Rs. 8.91 crore in Q4 FY23, EBITDA was Rs. 11.40 crore in Q4 FY24. Moreover, EBITDA per ton increased by 44.06% YoY. During the quarter under review, the company's net profit came to a total of Rs. 2.59 crore.

The company's production volumes for FY24 was at 36,772 tons, as against 39,116 tons in FY23. Compared to Rs. 362.03 crore in FY23, net revenue for the year ended was Rs. 342.09 crore in FY24. Compared to FY23's Rs. 41.53 crore, FY24's EBITDA was Rs. 52.48 crore. In FY24, the profit after tax was Rs. 16.85 crore, and the basic earnings per share was Rs. 1.18.

Mr. Harpreet Singh Nibber, Chairman& Managing Director, Pritika Auto Industries Limited said, "The operational and financial performance for FY24 underscores the challenges we have faced and the successes we have achieved. We have demonstrated resilience and strategic foresight in navigating the complexities of market dynamics and our production volume stood at 36,772 tonnes for the year. Notably, we have made significant progress in enhancing our operational efficiency, leading to a YoY gross profit increase of 1,081basis points due to the synergy with PIL, through which we offer machined casted products and it has further contributed to a year-over-year increase of 34.41% in EBITDA per tonne."

"Despite market challenges, we remain the preferred partner for top OEMs, showcasing our commitment to product quality and reliable service. We've secured an annual order worth Rs. 24 crore from a leading multinational tractor manufacturer, putting us on the map as a trusted global casting supplier. Additionally, we have strengthened our market presence with a Rs. 36 crore annual casting order from a prominent domestic tractor manufacturer as well," he added.

"The subdued EPS is attributed to pressure on profitability stemming from market stagnancy and the conversion of warrants and allotment of equity shares to the shareholders of the demerged Company. As we look ahead, our focus remains on leveraging these strategic advantages to strengthen our market position and drive sustained growth. With the market recovering in terms of demand, we anticipate further improvements in our margins," Harpreet Singh Nibber stated.

"We express our sincere gratitude to the entire team for their unwavering dedication, and to our esteemed stakeholders for their ongoing support and trust in our Company. Together, we are committed to setting and achieving higher benchmarks, even amidst challenging circumstances," he further commented.

The company also recently considered and approved the conversion of 12,98,000 warrants into an equal number of equity shares of the company.