Pritika Engineering Q2 Profit Surges 78% to Rs 1.64 cr

New Delhi, Nov 8 (PTI) Pritika Engineering Components on Friday posted a 78.20 per cent rise in its net profit to Rs 1.64 crore in the September 2024 quarter, mainly due to higher revenues.

"Net profit rose by 78.20 per cent YoY (year-on-year) to Rs 1.64 crore in Q2 FY25, compared to Rs 0.92 crore in Q2 FY24," a company statement said.

According to the statement, its revenue increased by 40.59 per cent year-over-year (YoY) to Rs 32.03 crore in Q2 FY25 from Rs 22.78 crore in Q2 FY24.

Pritika Engineering also posted robust financial results in H1 FY25. The revenue grew by 23.97 per cent to Rs 54.92 crore against Rs 44.30 crore in H1 FY24.

Its net profit increased by 39.87 per cent to Rs 2.58 crore in H1 FY25 compared to Rs 1.85 crore in H1 FY24, it added.

Harpreet Singh Nibber, Managing Director of Pritika Engineering Components, said, "We are pleased to report a robust performance in Q2 FY25, highlighted by a significant increase in revenue of 40.59 per cent year-over-year, reaching Rs 32.03 crore".

In addition to our financial performance, he stated that we have recently embarked on several strategic initiatives aimed at strengthening our market position.

Pritika Engineering has demonstrated strong performance, driven by its strategic focus on growth and operational excellence.

The company's core tractor components segment continues to be a significant contributor to its success, benefiting from favourable market conditions and strong demand.

In addition to its core business, Pritika Engineering is actively diversifying its product portfolio and expanding its market reach into the high-growth railways and defence sectors.

This strategic move is aimed at capitalising on the increasing government focus on infrastructure development and defence modernisation.

To fund these growth initiatives, the company recently concluded a successful rights issue, raising Rs 49.90 crore.

This infusion of capital will enable Pritika Engineering to invest in capacity expansion, research and development, and strategic acquisitions.

Furthermore, the company's emphasis on operational efficiency and cost control has led to improved margins and profitability.