Tag: Palred Technologies Limited

Business World, News

Palred Q3 Results: pTron drives the charts with growth rate of 161%

Feb 16, 2021 by Rekha Nair 0 Comments #CFO, #Founder & CEO, #Mr. Ameen Khwaja, #Mr. Harish Naidu, #Palred Technologies Limited, #pTron

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.

Financial Highlights:

  • 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”.

Business World

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

Nov 18, 2020 by Gouri Achary 0 Comments #Mr. Ameen Khwaja, #Mr. Harish Naidu, #Palred Technologies Limited, #pTron

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 a 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 COVID-19 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”