Mutual Funds Commodities Research Tax Planning IPO Our Team Contact Us  
Google
Web www.equitybulls.com
Stock Report

| More

pTron yields 229% QoQ growth in Q2 FY 21 profit for Palred Technologies

Posted On: 2020-11-17 23:09:12


Palred Technologies Limited, a technology solutions player in Consumer Electronics, eCommerce, and Information Technology has announced its financial results for the quarter of July to September 2020.

Financial Highlights

- Consolidated revenue at INR 39.32 Cr; Growth of 260% (YoY) and 169% (QoQ)
- Profit After Tax stood at INR 1.50 Cr for the quarter; Growth of 256% (YoY) and 229% (QoQ)
- Revenue generated by pTron brand stood at INR 34.55 Crores in the quarter led by high volume demand for its audio accessories range
- EBIT at INR 2.27 Crores against profit/loss of INR 1.50 Cr in Q2 FY 2020

Consistent growth this fiscal; pTron registers record-breaking sales volume

The company's consistent financial performance this quarter was led by its digital lifestyle and audio accessories brand - pTron. The brand registered over 7,87,783 units of sales during Q2 FY 2020.

The brand has consistently performed in the last two quarters. It also registered record number of sales in October 2020 at 4,05,416 units, the highest sales volume ever in a single month. The overall sales grew by 425% and during the same month last year (October 2019) the total no.of units sold stood at 95,534. The majority of the sale came from the TWS segment which contributed 1,63,638 units of sales followed by the Wireless Neckband category at 1,34,723 units.

pTron witnessed a robust demand in the market especially as people work/study from home and the festive fervour has also added to it. The record sales volume is also due to the elaborate range of devices at affordable prices that tick all the right boxes in terms of features and value of Indian consumers. With prices varying from INR 699 to INR 1499 pTron enjoys an edge over its competitors in this aspect. The brand has managed to register significant market share across all product categories with a wide range of hearables including its signature & the country's first Made-in-India TWS (True Wireless Stereo) product, Bassbuds Plus which was sold out in under a week with over 20,000 pieces.

Commenting on the results, Mr. Harish Naidu, CFO, Palred Technologies Limited said, "The Company has registered strong growth with its highest ever quarterly revenues this quarter that was led our brand pTron. The company had adopted strategic marketing initiatives to tackle the slower growth plagued by the pandemic in the previous quarter. The company is on a strong growth trajectory with only the first 2 quarters for this fiscal, recording consolidated revenues of INR 54 Crores against the annual revenues of INR 45 Crores for the whole FY 20. We are confident that the upwards trend would continue in the current fiscal."

Adding to the immense success of the brand, Mr. Ameen Khwaja, CEO, pTron said, "Since the onset of the COVID19 induced lockdown, we focused on making our product R&D much stronger and readjust our new product portfolio due to the massive transition in our growth indicators from the last year. The TWS and wireless category witnessed an enormous surge in the past few months. We have witnessed an increase in sales of TWS products to 2.5 lacs pieces this festive season compared to 20,000 units sold in the comparable period in 2019. The demand for our wireless range is further expected to increase yet again in the coming months. pTron, is currently growing at the rate of 50% QoQ and we are aiming to sell 3.5 million units from our overall elaborate product portfolio of 250+ SKUs by FY21. Hence it will be interesting to see how the following months pan-out for pTron."

Shares of Palred Technologies Limited was last trading in BSE at Rs.30.1 as compared to the previous close of Rs. 28.7. The total number of shares traded during the day was 2973 in over 23 trades.

The stock hit an intraday high of Rs. 30.1 and intraday low of 29.65. The net turnover during the day was Rs. 89173.


Source: Equity Bulls

Click here to send ur comments or to feedback@equitybulls.com





Other Headlines:

Deepak Fertilisers' subsidiary gets favorbale verdict from Delhi High Court

Likhitha Infrastructure Ltd secures contract of Rs. 112.88 crore

TATA CONSUMER PRODUCTS LIMITED to sell MAP Coffee Business for Rs. 6.74 crore

APL Apollo Tubes Ltd board fixes Dec 16, 2020 as record date for stock split

Thomas Cook India & SOTC focus on year-end holiday demand

BCG listed amongst Fortune INDIA 500

Long Pending issue of Donimalai Iron ore Mine has been finally resolved

KPI Global Infrastructure Ltd signs PPA with Alliance Fibres Ltd

ONGC VIDESH Strikes Commercial Oil in Appraisal Well 'Indico2' in CPO-5 block, Colombia

ICRA reaffirms long-term rating of ITD Cementation India Ltd

Zensar recognized as an 'Innovative' company at the CII Centre for Digital Transformation DX Awards 2020

Smartlink Holdings Ltd Board approves Buy back of equity shares at Rs. 95

Tata Power completes financial restructuring of Coastal Gujarat Power Limited

ODIN and Exchange Technology not effected by SEBI order - STP Revenue mere 1.56% of total revenue of Company

KEI Industries Ltd. extends its focus on girl child education with 'Shiksha Jyoti' programme

Baghjan Blowout Well finally abandoned

63 moons to challenge SEBI order on STP Gate Services

Tata Power secures Letter Of Intent for Odisha's WESCO and SOUTHCO discoms

BHEL expedites project execution through innovation

Nitco Limited - Business Update for November 2020

Fitch Ratings upgrades viability rating of IDBI Bank

Zydus receives approval from DCGI to commence Phase III clinical trials with Pegylated Interferon alpha-2b in India

IEX expands Green Market - introduces new contracts to enable renewable energy trade on the same day and up to 11 days ahead

Pritish Nandy Communications to release short film Rat a Tat

Vaibhav Global Ltd forms subsidiary to manufacture and export fashion jewelry and lifestyle products

Mahindra Holidays & Resorts India Limited invests Rs. 3.05 crore in Rocksport

K Raheja Corp Investment Managers LLP to consider raising Rs. 200 crores in Mindspace Business Parks REIT

SBM Bank India and Vakrangee Join Hands to offer #SmartBanking to the unbanked Bharat

HT Media Ltd completes acquisition of Mosaic Media Ventures Private Limited

Fitch affirms Punjab National Bank at 'BBB-', Outlook: Negative

Vi Business partners with Fortinet to launch Managed Security Services for enterprise

CRISIL updates on ratings of AU Small Finance Bank Limited

Orient Cement Ltd to acquire 26% stake in AMPSolar Systems Pvt Ltd

OMDC receives order allowing despatch of undisposed stock of minerals

Wintac Ltd board approves business with relates parties, increase in borrowing limits

Tijaria Polypipes Limited appoints Mr. Ramesh Jain Tijaria as additional director

Ind-Ra affirms Commercial Paper rating of GHCL Limited

Affle Platforms Accredited by IMDA Singapore and Wins 'Technology Company of the Year' at MMA Smarties along with 21 other Industry Recognitions

Granules India Limited announces approval of Penicillamine Capsules, 250 mg, generic equivalent of Cuprimine ® of Bausch Health Americas, Inc.

Orientbell Tiles's Hoskote plant goes cleaner, greener with GAIL Gas

Kotak Wealth and Hurun India Launch 2nd Edition of 'Kotak Wealth Hurun - Leading Wealthy Women'

HDFC Life & HDFC Ergo launch Click 2 Protect Corona Kavach - a combi protection plan with Term & COVID-19 health cover in a single policy

Cloud, Cybersecurity, and Modernization Will Power Digital Business Models and Increased IT Spending, say Global 2000 Executives: Infosys - HFS Research

November performance helps NMDC grow from strength to strength

Fermenta Biotech Limited's US-subsidiary acquires majority stake in AGD Nutrition LLC

Coastal Gujarat Power Limited repays Rs. 1550 crore of bank loans

McDonald's India announces the launch of a new packaging - 'EatQual' for its Specially-Abled Customers on the International Day of Person with Disabilities

Ahluwalia Contracts India Ltd secures new order aggregating to Rs. 533.90 crore

Max Estates leases 62,500 sq. ft. office space at Max Towers, Noida to Yes Bank

Tilaknagar Industries clears all outstanding dues of subsidiary Prag Distillery



Website Created & Maintained by : Chennai Scripts
West Mambalam, Chennai - 600 033,
Tamil Nadu, India

disclaimer copyright © 2005 - 2019