NE BUSINESS BUREAU
HYDERABAD, SEPT 3
Palred Technologies Limited on Wednesday reported that it pruned losses and posted a profit after tax of Rs 45.62 lakh in the quarter ended June 2020 as against a loss of Rs 1.28 crores in Q1 FY 20. During the reporting period, its consolidated revenue stood at Rs 14.62 crore, a growth of 151.45% (YoY) and degrowth of 12.89% (QoQ), de-growth due to COVID-19 lockdown for the first 45 days of the quarter, a company release said
Revenue generated by pTron brand stood at Rs 12.80 crores in the quarter hit by COVID-19 induced lockdown; Sales were allowed for only 45 days in the quarter still resulting in high sales and profitability. The EBIT at Rs 52.53 lakhs against loss of Rs 1.84 crore in Q1 FY 2020
The brand has recently been signed Aparshakti Khurana, Bollywood actor to endorse its new range of audio accessories resulting in increasing interest from the consumers.
Commenting on the results, Harish Naidu, CFO, Palred Technologies Limited said, “Despite the industry shut down for more than half of the quarter, the company worked efficiently and registered an extraordinary performance. The revenues have witnessed an upward growth due to timely action and our strong Business Continuity Plan. Our brand pTron has proved to be the major growth driver for the Palred Group. We were also able to reduce our expenses adding to the profitability.”
“We are working relentlessly to expand the market share of pTron supported by a strong R&D and product design team. In our journey, we have created a position for ourselves with a strong product portfolio and highly affordable pricing ensuring a quality product. We are all set to sell 3.5 million units in FY 21 and 8 million units in FY 22 led by the Audio & Wireless category and deliver a boost to the profits of our online business. We are one of the few players registered under all 3 under significant international authorities – BIS (India), FCC (US), and CE (Europe) permitted to sell our products in these geographies. We are also exploring to start manufacturing some of our products in India in the coming months”, said Ameen Khwaja, Founder & CEO, pTron.
