"We target to achieve sales of approximately Rs 900 to Rs 950 crore, with a PAT margin of 7-10% in next three years," said Harpreet S. Nibber, Managing Director, Pritika Engineering Components.
09 Sep 2024 | 1697 Views | By Autocar Pro News Desk
Pritika group, an automotive component manufacturer, aims to increase its sales to approximately Rs 950 crore in next three years, backed by an order book of Rs 650 crore. This growth plan is driven by the rising demand in the engineering and automotive components industry.
"Pritika group is excited to ...
This is an Autocar Pro Plus article. Subscribe to continue reading.
Pritika group, an automotive component manufacturer, aims to increase its sales to approximately Rs 950 crore in next three years, backed by an order book of Rs 650 crore. This growth plan is driven by the rising demand in the engineering and automotive components industry.
"Pritika group is excited to announce its ambitious growth plans for the next three years. Building on a strong performance in FY 2023-24 and a robust start in Q1FY25, the company aims to capitalize on the rising demand in the engineering and automotive components industry. We target to achieve sales of approximately Rs 900 to Rs 950 crore, with a PAT margin of 7-10% in next three years," said Harpreet S. Nibber, Managing Director, Pritika Engineering Components Ltd.
Despite industry-wide challenges, Pritika Group has demonstrated strong financial performance in the past fiscal year, FY2023-24. Pritika Auto Industries Ltd reported a consolidated total income of Rs 343.71 crore, a year-on-year growth of 15.74%. Consolidated EBITDA surged to Rs 54.10 crore, reflecting the company's operational efficiency and focus on profitability.
Pritika Engineering Components Ltd (PECL), another key subsidiary, also exhibited robust growth, with a consolidated total income of Rs 87.56 crore and a year-on-year increase in consolidated EBITDA of 11.95%.
To cater to the growing demand, PECL is planning to expand its existing capacity and diversify its business. It is exploring opportunities in the railways and defense components sectors. A proposed capital expenditure of up to Rs 49.50 crore will be funded through a fundraise, and the company has increased its authorized share capital from Rs 20 crore to Rs 25 crore to support this growth.
Pritika Auto Industries Ltd is projected to achieve consolidated sales of around Rs 425 to Rs 450 crore, with a consolidated profit after tax (PAT) margin of 6-8% in the current financial year. Similarly, Pritika Engineering Components Limited is expected to achieve consolidated sales of Rs 110 to Rs 125 crore, with a PAT margin of 6-8%.
Pritika Group serves customers such as Escorts Kubota, Mahindra & Mahindra, Ashok Leyland, and more, the press release noted.