*Palred Technologies registers a growth of 151% YoY, Reports profits in Q1 FY21 led by lifestyle electronics brand pTron*
● Growth led by Consumers Electronics Brand – pTron; Brand witnesses extraordinary demand for the products with Work From Home gaining prominence
Hyderabad, September 1, 2020: Palred Technologies Limited, a technology solutions player in Consumer Electronics, eCommerce, and Information Technology has announced its financial results for the quarter April to June 2020.
– Consolidated revenue at INR 14.62 Cr; Growth of 151.45% (YoY) and degrowth of 12.89% (QoQ), de-growth due to COVID-19 lockdown for the first 45 days of the quarter
– Profit After Tax stood at INR 45.62 Lacs for the quarter; compared to a loss of INR 1.28 Crores in Q1 FY 20
– Revenue generated by pTron brand stood at INR 12.80 Crores in the quarter hit by COVID-19 induced lockdown; Sales were allowed for only 45 days in the quarter still resulting in high sales and profitability
– EBIT at INR 52.53 lacs against loss of INR 1.84 Cr in Q1 FY 2020
Growth of pTron; increasing contribution in company revenues
The company offers a wide range of 250+ SKUs spread across the audio, mobile accessories and smart wearables category witnessed sales of 2.67 Lac pieces in just 45 days of sales period in April to June 2020 quarter. The company clocked sales of 5.68 lac pieces (an average of over 9,100 per day) in July and August 2020 up from 3,531 per day in Jan to March 2020 quarter. The company has launched a number of ultra-modern and innovative products for the price-sensitive Indian consumer. The company’s Bassbuds series of TWS (True Wireless Stereo) earbuds has been receiving a high demand leading to increased revenues for the company. The brand is currently operating in the US, Canada, China, Indonesia, Israel in addition to India. The brand has recently signed Mr. Aparshakti Khurana, Bollywood actor to endorse its new range of audio accessories resulting in increasing interest from the consumers.
Commenting on the results Mr. Harish Naidu, CFO, Palred Technologies Limited said, “Despite the industry shut down for more than half of the quarter, the company worked efficiently and registered an extraordinary performance. The revenues have witnessed an upward growth due to timely action and our strong Business Continuity Plan. Our brand pTron has proved to be the major growth driver for the Palred Group. We were also able to reduce our expenses adding to the profitability.”
“We are working relentlessly to expand the market share of pTron supported by a strong R&D and product design team. In our journey, we have created a position for ourselves with a strong product portfolio and highly affordable pricing ensuring a quality product. We are all set to sell 3.5 million units in FY 21 and 8 million units in FY 22 led by the Audio & Wireless category and deliver a boost to the profits of our online business. We are one of the few players registered under all 3 under significant international authorities - BIS (India), FCC (US), and CE (Europe) permitted to sell our products in these geographies. We are also exploring to start manufacturing some of our products in India in the coming months”, said Mr. Ameen Khwaja, Founder & CEO, pTron.
Started in 2014, pTron was conceptualized as an electronics and mobile accessories brand owned by Palred Electronics Pvt. Ltd., which is a subsidiary of Palred Technologies Ltd, a public-listed company on BSE and NSE since 2004.
pTron offers a bouquet of mobile accessories products to meet the needs of its consumers. pTron offers products like Bluetooth headsets, portable Bluetooth speakers, wired headsets, chargers and cables, smartwatches, networking products, and many more. pTron’s strength lies in its wide range of products whose quality is backed by warranty but offers them at competitive prices in the branded accessories category for the mid-market. pTron has sold more than 4 Million units till FY 19-20.