New Delhi: Engineering and automotive parts manufacturer Pritika Group aims to achieve sales of Rs 950 crore in the next three years, supported by a robust order book worth Rs 650 crore. According to a company statement released on Monday, the increase in demand from the engineering and automotive components sector is fueling this expansion strategy. In the upcoming three years, Harpreet S Nibber, Managing Director of Pritika Engineering Components Ltd, aims to reach sales ranging from Rs 900 crore to Rs 950 crore, with a PAT margin of 7-10 per cent.
The company plans to take advantage of the increasing demand in the engineering and automotive components sector following a successful financial year 2023-24 and a strong start in the April-June quarter of FY25. Pritika Group reported robust financial results for the previous fiscal year, FY2023-24.
In the previous financial year, Pritika Auto Industries Ltd documented a combined revenue of Rs 343.71 crore, reflecting a 15.74 percent increase compared to the previous year. The company's operational efficiency and focus on profitability led to a significant increase in consolidated EBITDA to Rs 54.10 crore. Another important subsidiary of PECL, Pritika Engineering Components Ltd, also showed strong growth, with a total consolidated income of Rs 87.56 crore and a year-on-year increase in consolidated EBITDA of 11.95 percent.
In response to the increasing need, PECL intends to enlarge its current capacity and broaden its range of business activities. It declared that it is investigating possibilities within the railway and defense components industries. An anticipated capital investment of Rs 49.50 crore will be financed through a fundraising effort, and the company has raised its authorized share capital from Rs 20 crore to Rs 25 crore to facilitate this expansion. It is anticipated that Pritika Auto Industries Ltd will attain consolidated sales of approximately
FIRST Business Portal addressing the potential of business capability of North East Region.
