Dear Shareholders,
It is my pleasure to present the annual report for Pritika Auto
Industries Limited for the fiscal year ending March 31, 2023.
Despite the challenges presented by the pandemic and unfavourable
economic conditions and geo-political tensions, Pritika Auto Industries Limited has
continued to thrive and achieve significant milestones. We have remained committed to our
core values of quality, innovation, and customer satisfaction, which have been the pillars
of our success.
Our diversified product portfolio has allowed us to withstand the
volatility in the domestic market and capitalize on opportunities in emerging
technologies. We have made significant investments in research and development to develop
innovative products and processes that cater to the evolving needs of our customers. As a
result, we have been able to expand our market share and strengthen our relationships with
existing customers.
Alongside the above, I am also pleased to announce that we have
successfully completed the IPO for our subsidiary, Pritika Engineering Components Ltd.,
raising Rs. 9.42 crore. The response from investors has been overwhelming, with the issue
being oversubscribed by nearly 150 times. The successful IPO is a testament to the strong
fundamentals of our company and the confidence that investors have in our growth
potential. The proceeds from the IPO has been utilized to fund capacity expansion and
product diversification.. Pritika Engineering Components Ltd ventured into advanced lost
foam casting technology which is cost-effective and environmentally friendly. We are using
this technology for our high range products which helps to manufacture complex products
with better finishing.
Our commitment to sustainability and social responsibility has remained
a key priority. We continue to work towards reducing our carbon footprint, minimizing
waste, and ensuring that our operations have a positive impact on the communities we
serve. We believe that responsible business practices are integral to our long- term
success and sustainability.
Looking ahead, we remain optimistic about the future and are
well-positioned to capitalize on opportunities in emerging technologies such as electric
and hybrid vehicles and expand our footprint in international markets. We will also
continue to build strategic partnerships and focus on operational excellence to ensure
that we remain competitive and profitable.
In the year ended 31st March 2023, our revenue grew 33.48%
year-on-year to Rs. 362.03cr, while EBITDA and PAT(excluding exceptional items) grew
38.99% and 83.94% to Rs. 41.53cr and Rs. 15.69cr, respectively.
I would like to take this opportunity to thank our employees,
customers, suppliers, and shareholders for their unwavering support and trust in us. I am
confident that together we will continue to achieve new heights of success and growth.
Sincerely, Raminder Singh Nibber