- Consolidated Revenues for the quarter grow 161% YoY as pTron witnesses overwhelming success of the TWS category product range.
- Consolidated Revenue for Q3 FY21 stands at INR 31.43 Cr Vs Revenue of 12.03 Cr generated in the same quarter last fiscal; pTron inching towards selling 6 million units by FY 2021
15 February 2021 – Palred Technologies Limited, a Technology Solutions player across Consumer Electronics, eCommerce, and IT Solutions industries, on Friday, announced its financial results for the quarter of October to December 2020.
- Consolidated Revenue of INR 31.43 Cr for the quarter, registered YoY growth of 161%
- Consolidated Profit after tax stood at INR 1.23 Cr for the quarter Vs 1.72 cr loss reported in Q3 FY20
- Consolidated YTD Revenue of INR 85.38 Cr for the 9 months ended Dec 2020 and Consolidated YTD Profit after tax of INR 3.19 Cr for the 9 months ended Dec 2020
- Revenue generated by pTron brand stood at INR 29.21 Crores in the quarter led by high volume demand for its home-manufactured offerings and a new audio range.
- pTron brand EBIT at INR 1.79 Crores against profit of INR 0.35 Cr in Q3 FY 2020
The Company witnessed consistency in performance led by its digital lifestyle and audio accessories brand, pTron. The rapidly growing brand registered complete sales of 9 lac units during the quarter.
Overall profitability of the brand was positively impacted due to the spike in demand for wireless and true wireless audio devices. The WFH model along with online classes and the wave of fitness craze led to an overwhelming demand for hands-free audio devices. In the quarter ended December 2020, the TWS category had registered a humongous growth of 625% (in terms of units sold) as compared to the same period in 2019. The wireless neckband category also witnessed a spike of 313% as compared the quarter ended December 2019.
With an elaborate product portfolio catering to the price sensitive customers, the brand has been proactive in catering to the customer needs and to the pent-up demand post festive sales, giving the brand an upper edge in terms of customer consideration.
Commenting on the results, Mr. Harish Naidu, CFO, Palred Technologies Limited said, “Despite the severe global pandemic, the company has delivered a strong performance in operations and sales fronted by our brand pTron, that drove our vision for the company forward. We have witnessed a YoY growth of 161% with revenues over INR 31 Cr. The recovery witnessed has been better than what we expected a few months back. With the tremendous revenues registered by Palred Technologies Limited, the company is on the verge of crossing INR 100 Cr in FY2021”.
Mr. Ameen Khwaja, Founder & CEO, pTron said, “The demand for wallet-friendly wireless and true wireless audio devices along with smart features makes pTron a unique and attractive option for the younger audience. With the launch of new products and re-establishment of our earlier product line, we can reliably forecast a strong upward trend in the current and upcoming quarters as well. With our super successful Bassbuds series which were received extremely well, we are expecting the series to lead the growth this quarter as well. We, as a brand are pouring in the best of our resources to bring in our A game and set an impressive benchmark to ensure maximum customer satisfaction. So, we are looking forward to bringing in a wider product range to cater to the current and expected demand”.