PGEL Q3 Results

 Highest Ever quarterly SALES, EBITDA and NET PROFIT

Delhi (India), January 25, 2021: PG Electroplast Ltd. (PGEL) Pioneer and leader in the Plastic molding and Electronic Manufacturing services announced its results for the quarter ended Dec. 31st 2020, as approved by its Board of Directors.

Key Financial Highlights:

 

Quarter ended Dec. 31, 2020 & 9MFY2021

•      Net Revenues for the quarter were Rs 1846 million- a growth of 31.3% YoY. On 9M basis revenues have declined 18.1% YoY due to the COVID-19 led shutdowns in 1QFY2021.

 

•      Highest quarterly EBITDA of Rs 159 million- a growth of 108% YoY. 9MFY2021 EBITDA is down just 2.1% YoY due to improved margins driven by better revenue mix and cost control.

 

Highest quarterly Net profit of Rs. 65 million versus profit of Rs 6.1million in 3QFY2020. For 9MFY2021, Net profit is Rs. 11.8 million down 78.7% YoY.

 

Other Highlights

o   All of the company’s business segments have done well, with the demand environment remaining strong with encouraging and highly promising order flows from clients across the board.

 

o   The Washing Machines business has witnessed strong growth and posted 40% growth in 9MFY21.

 

o   AC IDU business has ramped up sharply and peak capacity utilization levels are being witnessed in the segment.

 

o   Significant enquiries for new business are being witnessed across business segments and acquisition of new client businesses is picking up.

 

o   Management has revived and expanded its capex plans and is planning significant capacity additions along with new product development in the coming time in all of the company’s focus areas of business.

Future Outlook

Management sees increased opportunities in the existing and new clients and based on the current business environment. With new capacities and capabilities, company is uniquely positioned in the consumer durables & automotive plastics space in India. In coming quarters, company aspires:

o   To have Industry leading growth in Revenues.

 

o   Gradual improvement in margins due to operational efficiencies and operating leverage.

o   Better capital efficiency resulting from improved cash flows & balance sheet optimization.

About PG Electroplast Ltd.

PG Electroplast [NSE:PGEL] is a trusted partner for Electronic Manufacturing Services and Plastic Moulding for leading consumer durable and automotive plastic companies in India. Company has one of the biggest capacities in the Plastic Injection molding and has capabilities across the value chain in the Electronic manufacturing services(EMS).

Safe Harbour

Certain statements in this release concerning our future growth prospects are forward-looking statements, which involve a number of risks, and uncertainties that could cause our actual results to differ materially from those in such forward-looking statements. We do not undertake to update any forward-looking statement that may be made from time to time by us or on our behalf.