Pune-based auto components manufacturer and supplier Autoline Industries posted Q1FY2023 revenue of Rs 179.67 crore from Rs 80.32 crore in Q1FY22 on the back of continued demand across PV and CV segments. Profit after tax for Q1FY23 stood at Rs 1.67 crore. Inflationary trends affected Q1 profit margins but expected cooling commodity prices to reflect in Q2 numbers.
The overall volume growth, productivity improvement, and cost-saving measures helped the company in achieving higher EBITDA margins. EBITDA for Q1FY23 surged to Rs 11.87 crore from Rs 1.82 crore in Q1FY22. EBITDA margin expanded by 435 bps and stood at 6.61 percent in Q1FY23.
The company has expanded the EV business adding a new subsidiary named Autoline E-Mobility and consolidated two more units with the objective to monetise the non-core assets and use the proceeds for debt reduction and to support working capital.
“Our OEMs witnessed growth due to economic upturn supported policy measures like scrappage and promoting electric vehicles. However, high raw material, power, and fuel costs severely impacted the operational profit in the quarter. We have expanded our customer base, enhanced product portfolio, diversifying into EVs, railway business, and taking efforts to improve operational efficiency and cost”, said Shivaji Akhade, Managing Director, Autoline.
Established in 1996, Autoline Industries is engaged in manufacturing sheet metal components, assemblies, and sub-assemblies for the automobile sector. The Company is catering to almost all major OEMs by supplying over 1500 products for passenger cars and commercial vehicles segment and other non-auto segments.