Pricol profit jumps over six-fold to Rs 15.92 crore in April-June

Revenue from operations during the first quarter of FY23 was recorded at 414.57 crore, 41.61 per cent higher from 292.75 crore in the April-June quarter of the previous fiscal, it said.

“The outlook for the industry remains uncertain with continued electronic chip shortage and supply chain disruptions hurting the vehicle productions of OEMs and, in turn, affecting our sales. Also, the trend of acute price increase of raw materials continues to remain so, eroding the bottom-line,” said Vikram Mohan, Managing Director of Pricol.

Despite such tough external conditions, the company managed to achieve a performance better than the market, and with new opportunities of growth areas identified combined with new business orders, it stays committed to deliver a consistent performance overall, he said.

The company said it signed an international technology licensing agreement with BMS PowerSafe to manufacture and sell Battery Management System (BMS) for the domestic market, besides commencing mass production of next-generation Thin-Film Transistor (TFT) Driver Information System (DIS) for various EV players during the quarter under review.