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ICICI Direct Report
Pricol Ltd., established in 1974, is a Coimbatore based supplier of diversified auto components like instrument clusters, sensors and switches, pumps and mechanical products, telematics solutions and wiping systems.
Key triggers for future price performance:
De-leveraging of balance sheet along with target of being debt free by FY24E. Sweating of assets, healthy cash flow generation and calibrated capex spends.
Growing presence in passenger vehicle space with clients like Tata Motors Ltd., Citroen, etc.
Pricol's new product pipeline and confirmed letter of intent from customers (including new age electric vehicle original equipment manufacturers) to help boost sales, profit after tax to grow at 17.5%, 48.6% compound annual growth rate, respectively, in FY21-24E. Margins seen improving to 12.5% by FY24E.
Recent technology tie-ups for battery management system with BMS Powersafe and foray into connected clusters (including telematics) with Sibros.
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