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

Pritika Auto Industries, which is engaged within the manufacturing of tractor and car elements, has reported a consolidated internet revenue of Rs 2.97 crore within the quarter ended December 2023, a bounce of over 6 per cent on a year-on-year (YoY) foundation. The corporate had a internet revenue of two.79 crore in the identical quarter a 12 months in the past.

Nevertheless, the income from operations for the quarter declined 8.98 per cent to Rs 70.83 crore from Rs 77.82 a 12 months in the past, the corporate stated in an alternate submitting.

Earlier in December, the Nationwide Firm Legislation Tribunal (NCLT) accepted the scheme of association between Pritika Industries Restricted (PIL) and Pritika Auto Industries Restricted (PAIL) for the demerger of its automotive, tractor and engineering element enterprise. 

The approval was granted on December 4 by the Chandigarh Bench of the Nationwide Firm Legislation Tribunal. Upon the scheme coming into impact, the demerged firm shall be referred to as Pritika Industries Restricted (PIL) and the ensuing firm shall be Pritika Auto Industries Restricted (PAIL).

In accordance with the alternate submitting, eligible shareholders of Pritika Auto Industries (PAIL) could be awarded 10 shares of Pritika Industries (demerged firm) for each 63 shares of PAIL with a face worth of Rs 2 every.