Latest News | ASK Automotive Q2 Net Up 63 Pc at Rs 67 Cr
Get latest articles and stories on Latest News at LatestLY. Auto component maker ASK Automotive on Tuesday reported a 63 per cent rise in consolidated net profit to Rs 67 crore in the July-September quarter of 2024-25 compared to the year-ago period.
Mumbai, Oct 29 (PTI) Auto component maker ASK Automotive on Tuesday reported a 63 per cent rise in consolidated net profit to Rs 67 crore in the July-September quarter of 2024-25 compared to the year-ago period.
The country's largest brake shoe and advanced braking systems manufacturer for two-wheelers had reported a net profit of Rs 41 crore in the second quarter of the previous fiscal.
Total income during the quarter under review increased 22.2 per cent to Rs 976 crore from Rs 798 crore in the corresponding quarter of FY 24, the company said.
EBITDA (earnings before interest, taxes, depreciation and Amortisation) stood at Rs 119 crore in the September quarter, up 50.3 per cent from Rs 79-crore in Q2FY24, ASK Automotive said.
"We had a strong finish to the second quarter and first half of the year in both revenue and profitability. This is the fourth consecutive quarter of robust performance by us since listing of the company last year. During Q2 FY25, we delivered strong performance in business and recorded significant growth," said Kuldeep Singh Rathee, Chairman and Managing Director of ASK Automotive.
"This is the highest ever absolute revenue and EBITDA earned by us in any quarter in past. Also, we continue to outperform the two-wheeler industry vehicle production growth in both Q2 FY25 and H1 FY25," he added.
This reflects the result of the company's continued focus on expanding value-added businesses, improving utilization of production capacities and bringing cost efficiencies.
"Our aim is to sustain this level of EBITDA margins and improve gradually in the subsequent quarters depending upon the growth of the 2W Industry in H2 FY25. Our mega manufacturing facility at Karoli is ramping up fast. The increased economies of scale and operational efficiencies are benefitting us in delivering better results," Rathee stated.
He also said that the company has started to generate positive EBITDA margins from this plant while the construction work for the new plant at Bengaluru is progressing well as per plan. "As we go forward, we are hopeful of maintaining the trend of outperforming the industry growth in the subsequent quarters of FY25. We anticipate the growth momentum in the two-wheeler sector to continue for the remaining part of the year with prevailing positive market sentiments on arrival of the upcoming festive season," he said.
Shares of ASK Automotive on Tuesday ended 1.75 per cent up at Rs 421.40 apiece on BSE.
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