By: ICN Bureau
Last updated : February 15, 2024 8:07 am
Quarterly net profits stood at Rs. 192.3 million versus Rs. 137.4 million in 3Q FY23, a growth of 40% YoY
PG Electroplast Ltd. (PGEL), a pioneer and leader in Electronic Manufacturing Services and Plastic Molding, Q3 FY24 net sales for the quarter were Rs. 5.30 billion, a growth of 15.8% YoY.
Quarterly EBITDA stood at Rs. 470 million versus Rs. 381.7 million in 3Q FY23, a 23.1% growth YoY. Quarterly net profits stood at Rs. 192.3 million versus Rs. 137.4 million in 3Q FY23, a growth of 40% YoY.
“PG’s 9M FY24 performance reflects its strategy and focus on capital allocation and growing organically. The company continues to strengthen its position in RAC, washing machines and consumer electronics with industry leading growth in its areas of focus. We believe our capacity and capability matrix has further strengthened with the commissioning of the new AC facility in Bhiwadi, expanded capacities for AC in Supa and the flagship Electronics Manufacturing facility in JV in Greater Noida. The outlook for all business segments remains robust with increases in wallet shares in the existing clients and good momentum in addition to new clients. We continue to execute on the Product business strategy by expanding our R&D and Product development capabilities,” said Vishal Gupta, MD (Finance), PGEL.
The Management sees increased opportunities in the existing and new clients and based on the current business environment. With new capacities and capabilities, the company is uniquely positioned in the consumer durables & plastics space in India. In coming years, the company aspires: To have Industry leading growth in revenues; Gradual improvement in margins due to operational efficiencies and operating leverage; and Best in class capital efficiency resulting from improved cash flows & balance sheet optimization.
PG Electroplast is a trusted one-stop solution provider for Electronic Manufacturing Services (EMS) and contract manufacturing to most leading consumer durable and electronics brands in India. The company has one of the largest capacities for Plastic Injection moulding and capabilities across the value chain in Original Equipment Manufacturing (OEM) and Original Design Manufacturing (ODM) for products like Room ACs, Washing Machines, Air-Coolers and LED TVs.