Pritika Engineering Components Ltd reported a marginal increase in net profit to Rs 94 lakh in Q1 FY25. The company also announced plans to raise its authorized share capital and expand its operations.
New Delhi, Aug 7 (PTI) Pritika Engineering Components Ltd on Wednesday reported a marginal increase of nearly two per cent in net profit at Rs 94 lakh in the three months ended June 2024.
In comparison, the company had posted a net profit of Rs 93 lakh in the year-ago period, Pritika Engineering Components said in a statement.
The company also announced plans to raise its authorized share capital to Rs 25 crore from Rs 20 crore.
Total income rose 6.4 per cent to Rs 22.89 crore in the April-June quarter of the current financial year (FY25) from Rs 21.52 crore in the same quarter of preceding fiscal.
"We started FY25 with a strong surge of 32 per cent in EBITDA demonstrating our improved operational efficiency despite election-laid industry slowdown. We are seeing demand normalization with highest ever sales of 900 tonnes in July 2024 indicating strong outlook for our products for the rest of FY25," Harpreet S Nibber, Managing Director of Pritika Engineering Components, said.
Additionally, the company has decided to raise up to Rs 49.50 crore to support its expansion and diversification plans, driving future growth and enhancing its market position.
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