Pritika Auto Industries Reached 5% Upper Circuit After Achieving Record Monthly Dispatch In July 2024

Pritika Auto Industries proudly announces a significant milestone for the Pritika Group, having achieved its highest-ever monthly dispatch of 3,550 tons in July 2024. This accomplishment underscores the company's commitment to operational excellence and highlights its robust production and distribution capabilities. Consistent efforts to enhance processes have culminated in this notable achievement, reflecting the dedication and strategic planning of the entire Pritika Auto team.

The record dispatch was driven by a strong market recovery and increased demand from several Original Equipment Manufacturers (OEMs) across India. A flourishing agricultural sector bolstered the demand for tractors, benefiting Pritika Auto due to its market recognition and longstanding relationships with OEMs. These partners depend on Pritika Auto to deliver timely, even during periods of high demand.

Pritika Auto's shares closed at the circuit limit of 5 per cent at Rs 29.79 on Friday for the second consecutive day, showcasing investor confidence in the company's performance.

Commenting on the achievement, Mr. Harpreet S. Nibber, Managing Director of Pritika Auto Industries Limited, stated, "We are thrilled to reach this significant milestone in our Company's history. This record dispatch is a testament to the relentless efforts of our workforce, the trust of our customers, and our continuous drive for innovation and efficiency. We are committed to maintaining this momentum and setting new benchmarks in the industry. This record dispatch comes at a time when Pritika Auto Industries is expanding its footprint and enhancing its product portfolio to meet the evolving demands of the automotive sector. The Company continues to invest in state-of-the-art technology and process improvements to enhance its product portfolio and deliver high-quality products and services to its customers".

Despite the impressive July dispatch, Pritika Auto Industries faced challenges earlier in the year. In May, the company reported a net profit of Rs 1.93 crore for the quarter ended March 2024, slightly up from Rs 1.89 crore in the same quarter the previous year. However, revenue sales declined by 6.33% to Rs 82.58 crore in Q4 FY24, compared to Rs 88.16 crore in Q4 FY23. Production volumes for Q4 FY24 were 8,813 tons, down from 9,929 tons in Q4 FY23. Nonetheless, EBITDA for Q4 FY24 was Rs 11.40 crore, up from Rs 8.91 crore in Q4 FY23, with EBITDA per ton improving by 44.06% year-on-year.

Founded in 1974 by Mr. Raminder S. Nibber, Pritika Auto Industries Ltd. stands as the flagship firm of the Pritika Group of Industries. Under Mr. Nibber's visionary leadership, the firm evolved throughout the course of 40 years, initially concentrating on the production of small forgings. Pritika Auto, which specialises in machined castings and automotive components, is now known as a strong and dependable company. The company produces top-notch components from contemporary facilities since it is dedicated to quality.

With a combined capacity of more than 75,000 metric tonnes per year (MTPA), Pritika Auto's production plants are situated in Tahliwal, Himachal Pradesh, Derabassi, Hoshiarpur, and Mohali in Punjab.