Q3 Results: Pritika Auto Industries posts 6% rise in net profit

Pritika Auto Industries, which is engaged in the manufacturing of tractor and automobile components, has reported a consolidated net profit of Rs 2.97 crore in the quarter ended December 2023, a jump of over 6 per cent on a year-on-year (YoY) basis. The company had a net profit of 2.79 crore in the same quarter a year ago.

However, the revenue from operations for the quarter declined 8.98 per cent to Rs 70.83 crore from Rs 77.82 a year ago, the company said in an exchange filing.

Earlier in December, the National Company Law Tribunal (NCLT) approved the scheme of arrangement between Pritika Industries Limited (PIL) and Pritika Auto Industries Limited (PAIL) for the demerger of its automotive, tractor and engineering component business. 

The approval was granted on December 4 by the Chandigarh Bench of the National Company Law Tribunal. Upon the scheme coming into effect, the demerged company will be known as Pritika Industries Limited (PIL) and the resulting company will be Pritika Auto Industries Limited (PAIL).

According to the exchange filing, eligible shareholders of Pritika Auto Industries (PAIL) would be awarded 10 shares of Pritika Industries (demerged company) for every 63 shares of PAIL with a face value of Rs 2 each.