New Delhi: PG Electroplast Ltd. (PGEL) Pioneer and leader in the Electronic Manufacturing Services and Plastic Molding announced its results for the quarter ended March 31^st, 2021, as approved by its Board of Directors.

“Despite complete washout of 1QFY2021 and slow pickup in 2QFY2021, company has been able to post growth in Topline and EBITDA. Strong rebound in consumer sentiments along with Government policies on ‘Atma Nirbhar Bharat’ have encouraged local manufacturing and sourcing in 2HFY2021.

Due to Promising Industry outlook along with increasing opportunities due to Make in India, PLI and other government initiatives, Company is aggressively increasing its commitment in capacity creation and capability building. FY2022 could be another landmark year for the company with several initiatives underway for Product business.” said Mr. Vishal Gupta, Managing Director-Finance of the company.

Key Financial Highlights:

Quarter ended Mar. 31, 2021 & 12M FY2021

• Net Revenues for the quarter were Rs 3305 million- a growth of 80.2% YoY. On 12M basis revenues have grown at 10.0% YoY despite the COVID-19 led shutdowns in 1QFY2021.
• Quarterly EBITDA rose to Rs 252.8 million- a growth of 77.7% YoY. 12MFY2021 EBITDA is up 23.6% YoY due to improved margins driven by better revenue mix and cost control.
• Quarterly Net profit of Rs. 104.4million versus loss of Rs 29.1million in 4QFY2020. For 12MFY2021, Net profit is Rs. 116.2 million versus Rs 26.1million in FY2020

Other Highlights

• Company has been able to post Revenue growth in FY2021 and strengthen its balance sheet despite COVID-19 related shutdown due to past Investment in Capacities and Capabilities.
• The Washing Machines business has witnessed strong growth and posted 37% growth in 12MFY2021. AC IDU business also posted very strong growth of 41% in 12MFY2021despite significant loss of sales in 1QFY2021. However Cooler business posted a decline of 31% in 12MFY2021. Overall Product business is up 30% YoY in 12MFY2021.
• Significant enquiries for new business are being witnessed across business segments and acquisition of new client businesses is picking up.
• Management has revived and expanded its capex plans and is planning significant capacity additions along with new product development in the coming time for all of the company’s focus businesses.

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:

• To have Industry leading growth in Revenues.
• Gradual improvement in margins due to operational efficiencies and operating leverage.
• Better capital efficiency resulting from improved cash flows & balance sheet optimization.