Palred Technologies Q1 net profit dips 17.45pc year-on-year

Hyderabad: Hyderabad-based Palred Technologies recorded a net profit of Rs 37.66 lakhs for the quarter ended June 2021 (Q1) of FY22, showing a 17.45 per cent decline year-on-year, compared to Rs 45.62 lakhs registered in the corresponding quarter of the previous year.

The company showed a sequential growth of 65.03 per cent in net profit quarter-on-quarter, compared to Rs 22.82 lakhs registered during the Q4 FY21.

The company’s consolidated revenue for the quarter went up to Rs 26.96 crore, registering a 84.36 per cent growth year-on-year, compared to Rs 14.62 crore registered in the corresponding quarter of the previous year.

pTron, the digital lifestyle and audio accessories brand contributed to the company’s growth and the overall performance. It recorded a year-on-year jump in overall sales, from 3.5 lakh units sold in Q1 FY21 to 8.1 lakh units sold in Q1 FY22 witnessing over 132 per cent growth.

Harish Naidu, CFO, Palred Technologies, said, “Company’s financial performance is consistently improving quarter-on-quarter reflecting how our innovative products are helping consumers. Despite a slowdown in April and May 21 due to Covid second wave, we have picked up in sales, revenues and profits.”

Ameen Khwaja, founder & CEO, pTron said, “With our new manufacturing facility, we are gradually integrating our supply chain to reduce dependence on external help. With 8.1 lakh units sold only in Q1, we are aiming at 5 million-unit sales by the end of FY 2022 with a strong focus on the audio category.”