Pricol reports profit of Rs 16 crore for Q1 FY23

During the first quarter the company has entered into an international technology licensing agreement with BMS PowerSafe to manufacture and sell Battery Management System (BMS) for the Indian market.

Pricol reports profit of Rs 16 crore for Q1 FY23

Automotive technology supplier Pricol has announced its financial results for the quarter ended on June 30, 2022. The company reported revenue of Rs 414.57 crore, compared to Rs 292 crore for the same period a year ago. The profit after tax came at 15.92 crore compared to Rs 2.41 crore a year ago.

During the first quarter the company has entered into an international technology licensing agreement with BMS PowerSafe to manufacture and sell Battery Management System (BMS) for the Indian market. It says, BMS PowerSafe is recognised as the top 3 pure players of BMS suppliers in Europe with robust hardware and software skillsets in-house offering the most secure BMS solutions in the market.

During the same period, Pricol also won the first and second prize in the 17th Quality Circle Competition organized by ACMA -Southern and Western Region. Pricol has also started mass production of next-generation Thin-Film Transistor (TFT) Driver Information System (DIS) for various EV players.

Vikram Mohan, MD, Pricol 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. Nevertheless, we have managed to achieve a performance better than the market inspite of such tough external conditions. With new opportunities of growth areas identified combined with new business wins awarded from our customers, we stay committed to deliver a consistent performance overall.”

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