India-based auto component manufacturer Pricol Limited reported 41.1 percent year-on-year growth to Rs 624.38 million in its net profit in the fourth quarter of the financial year 2016-17.
The company claimed the growth in the bottomline is an outcome of efforts taken towards productivity improvement and cost saving. Standalone revenues for this fiscial stood at Rs 12,684 Million.
Vikram Mohan, Managing Director, Pricol Limited said, “During FY 2016-17, we have successfully completed the amalgamation with Pricol Pune Limited. We have also inaugurated the state-of-the-art Greenfield Manufacturing facility in Pune, and commenced production in February 2017, which will yield an additional revenue of Rs 1,000 million in the next 2 years.”
Continuing our performance from the previous financial year, he said, the company has retained its standalone revenue at Rs 12,684.27 million in the period, despite market fluctuations.
“We are positive about the upcoming year (FY 2017-18) and looking forward to cross key milestones in line with our Vision 2020,” he added.