Pricol Limited Q1 FY25 Conference Call Summary
Financial Highlights
• Revenue: Rs. 6,029.09 million
• EBITDA: Rs. 806.51 million (13.38% margin)
• PAT: Rs. 455.61 million (7.56% margin)
• Year-on-Year Growth:
• Revenue: +15.48%
• PAT: +42.65%
• Revenue Sources:
• 70% from Driver Information Systems (DIS)
• 30% from Actuation and Control Fluid Management Systems (ACFMS)
Product Development and Projections
• Future Projections: Potential increase in content per vehicle from 2x to 3x.
• New Projects:
• E-cockpit and disc brakes in testing, SOP expected in 12-18 months.
• Margin Guidance: Current margin at 13.5%, with hopes to maintain levels.
Market Performance and Concerns
• Outperformance: Company continues to outperform the market, attributed to product value.
• Volume and Value Growth: Evaluated against industry metrics; historical outperformance averages 5% to 10%.
• Two-Wheeler Segment: Accounts for 65% of total revenue; market growth not as high as suggested.
Growth Opportunities
• Four-Wheeler Segment: Ongoing opportunities, particularly with Tata Motors.
• Inorganic Growth: Several assets under evaluation, updates expected next quarter.
• Export Performance: Challenges acknowledged, but optimism for future growth, especially with European OEMs.
Operational Insights
• Credit Cycle: Average credit period of 45 to 60 days for both export and domestic operations.
• Capacity Utilization: Primarily operates on a two-shift basis, with a third shift for contingencies.
Joint Ventures and Strategic Partnerships
• Battery Management System and Telematics: Prototypes in final development stages; no revenue guidance until testing is complete.
Conclusion
• Outlook: CFO expressed optimism for the upcoming quarter; call concluded with thanks from PM Ganesh.

Pricol Limited Q4 and FY2024 Financial Results Conference Call Summary
Conference Call Overview
• Date: May 16, 2024
• Moderator: Purvangi Jain, Valorem Advisors
• Key Management:
• Vikram Mohan (Managing Director)
• Priyadarsi Bastia (CFO)
Financial Highlights
• Q4 Results:
• Revenue: ₹5,662.12 million
• EBITDA: ₹725.84 million
• Profit After Tax (PAT): ₹415.02 million
• Revenue Growth: 11.09% (below expectations)
• Full Year Results:
• Revenue: ₹22,081.69 million
• EBITDA: ₹2,786.42 million
• PAT: ₹1,406.12 million
• Overall Revenue Growth: 16%
Key Discussion Points
• EBITDA Margins:
• Steady increase despite high freight costs and supply chain issues.
• Product Developments:
• New products: E-Cockpit and Disc Brake.
• Ongoing customer interest and partnerships.
• Sales and Market Share:
• DICVS contributed 69% and ACFMS 31% of turnover.
• Target to increase passenger vehicle market share from 6.8% to 10%.
• Revenue Contributions:
• Two-wheelers: 50-53%
• Commercial vehicles: 25%
• Passenger vehicles: 6.8%
• Future Plans:
• CAPEX for FY25: ₹200-220 crores.
• Focus on DICVS and PCB manufacturing.
• Revenue target of ₹3,600 crores by FY26.
Q&A Highlights
• Blended ASP Challenges:
• Diverse product range complicates ASP reporting.
• New Client Acquisition:
• Addition of Honda Motorcycle and Scooter India.
• Export Performance:
• Current export share: 8%, target: 10% for FY26.
• Product Development:
• Onboard map navigation technology and heads-up display for passenger cars under development.
• Capacity and Production:
• Disc brake capacity set at 10 crore per month, aiming for ₹300 crores annually in three years.
• Market Conditions:
• Decline in volumes for Caterpillar oil pumps due to geopolitical issues.
Conclusion
• Vikram Mohan expressed optimism for future results and thanked investors for their support.

Pricol Limited Conference Call Summary (February 2, 2024)
Introduction
• Conference call moderated by Anuj Sonpal from Valorem Advisors.
• Management team included CEO P.M. Ganesh and CFO Priyadarsi Basu.
Company Achievements
• Awards for technology and innovation from Daimler Truck and Tata Motors.
• Recent product launches in Driver Information Systems for Hero MotoCorp and Tata Motors.
Financial Performance
• Q3 revenue from operations: ₹5,571.91 million.
• EBITDA margin: 12.51%, with 21.61% year-over-year growth.
• Nine-month total revenue: ₹16,419.57 million, EBITDA margin: 12.55%.
• Strategic focus on diversifying product offerings across various vehicle segments.
Product Development and Revenue Breakdown
• Ongoing development of E-Cockpit solution for major customer, launching in FY'26.
• Revenue distribution:
• Two-wheelers: ~66%
• Commercial vehicles: ~15%
• Personal passenger vehicles: 5-7%
• Exports: 10% of total revenue.
Market Challenges and Responses
• Logistics delays managed amid Red Sea crisis.
• Anticipated recovery in exports next year.
• Transition to electronic components in instrument clusters expected to improve margins.
New Product Initiatives
• Entry into disc brakes and battery management systems (BMS) aimed at EV market.
• Revenue from these products expected to start in Q4 FY'25.
Partnerships and Innovations
• Partnership with SIBROS for cloud-based Driver Information Systems in proof of concept stage.
• Telematics integration to enhance vehicle content, especially for EVs.
Customer Base and Competition
• Major clients include TVS Motors and Hero MotoCorp.
• Emphasis on innovative solutions and strong R&D capabilities to differentiate from competitors.
Future Outlook
• Optimism for Q4 performance based on strong Q3 results.
• Updates on potential acquisitions in the non-auto space to be provided when available.

Pricol Limited Conference Call Summary (November 9, 2023)
Financial Performance
• Q2 and H1 FY 2024 Results: Unaudited financial results discussed.
• Revenue Growth: 12% growth this quarter; target of 15-16% moving forward.
• EBITDA Margins: Steady increase; target to reach 13.5% earlier than FY '26.
Revenue Breakdown
• Sales Composition:
• 65% from driver information and connected vehicle solutions.
• 35% from ACFMS division.
• New Products: Contributing about 20% to current sales, expected to grow.
Challenges and Concerns
• Slower Growth Factors: Lower EV production and subsidy issues.
• Rising Costs: Increase in raw material costs and warranty expenses.
Future Outlook
• Revenue Guidance: Target of 3600 crore by FY '26.
• Capital Expenditure: Planned 600 crores to enhance capacity and productivity.
• Product Development: Transition to higher-value components and advanced technologies.
Questions and Clarifications
• Average Selling Price (ASP): Projected increase for two-wheelers from 1,200 to 2,500 over three years.
• Asset Turnover: Varies by segment related to capital expenditure.
• Margin Expectations: Gradual increase to around 13.5% over the next two years.
Conclusion
• Management's Confidence: Expression of gratitude for stakeholder confidence and optimism for future performance.

PRICOL Limited Q1 FY2024 Conference Call Summary
Conference Overview
• Date: August 3, 2023
• Moderator: Anuj Sonpal, Valorem Advisors
• Key Management:
• Managing Director: Vikram Mohan
• CEO: P. M. Ganesh
Financial Highlights
• Revenue: ₹522 crores
• EBITDA: ₹66.5 crores (Margin: 12.74%)
• Profit After Tax: ₹31.93 crores
• Debt-Equity Ratio: 0.11 (nearly debt-free)
Growth and Market Performance
• Strong order book and modernization investments
• Outperformed market growth: 19.54% vs. 2.64%
• Export growth: 41.72%
Future Revenue Projections
• FY26 Revenue Target: ₹4,000 crores
• Organic Growth: ₹3,600 crores
• Inorganic Growth: ₹400 crores
• Premiumization: Significant contributor
Product Development and Market Focus
• E-cockpit system under development with OEMs
• Semiconductor manufacturing not a current focus
• Battery Management Systems (BMS) and connected services expected to contribute post-FY26
Revenue Distribution and Segmentation
• Incremental Revenue (₹2,000 crores) distribution:
• Organic growth: Evenly distributed
• Inorganic growth: Dependent on opportunities
• Revenue Mix:
• DICVS: 60-65%
• ACFMS: 35-40%
• Two-wheelers: 60% of revenue
• Commercial/off-road vehicles: 30-35%
• Passenger vehicles: Remaining share
Export Contributions and CAPEX
• Current export contribution: 10% (target: 20%)
• Planned CAPEX: ₹600 crores (₹400 crores for organic growth)
R&D and Competitive Position
• R&D Spending: 4-4.4% of revenue
• Focus on product/process development
• New products contribute approximately 25% to turnover
Legal and Shareholder Concerns
• Update on Minda's stake increase and minority shareholder protection
• Labor-related case provisions increased to ₹47 crores
Electric Vehicle Market Position
• Positioned to grow with the EV market
• Anticipated capacity utilization: 85% at ₹3,600 crores by FY26
• Exclusive technical collaborations in India
Conclusion
• Vikram Mohan expressed optimism for future growth and thanked participants for their engagement.

Conference Call Details
• Date: May 11, 2023
• Moderator: Anuj Sonpal, Valorem Advisors
• Key Management: Vikram Mohan (Managing Director), Priyadarsi Bastia (CFO)
Financial Highlights
• Revenue Growth: 26.26% increase in Q4 FY23 revenue from operations year-over-year.
• Profit After Tax: Record growth of 126.87%.
• EBITDA Margin: 12.39% for the fiscal year.
• Production Capacity: Enhancements noted, along with recognition for innovation in driver information systems.
Strategic Goals
• Revenue Target: Aim to reach ₹4,000 crore by FY26, supported by a clear order pipeline and capital expenditures.
• Market Focus: Concentration on two-wheelers, commercial vehicles, off-road vehicles, and re-entering the passenger vehicle segment.
Revenue Projections
• Revenue Composition by FY26:
• 60-65% from driver information systems and connected vehicle solutions.
• 35-40% from actuators, controllers, and fuel management systems (ACFMS).
• Electric Vehicle Sales: Current sales to EVs at 7-8%, expected to grow with engagement from multiple manufacturers.
Pricing Strategy
• Competitive Pricing: Aligned with customer profitability, incorporating advanced software without significant premiums.
Growth Forecast
• Two-Wheeler Industry: Projected muted growth of 5-8% over the next three years, driven by product premiumization.
Capital Expenditure (CAPEX)
• Investment Plans: Approximately ₹600 crore in CAPEX over the next two years, primarily funded through internal accruals.
Market Position
• Driver Information Systems: Significant market share, with product quality contributing to growth.
Business Restructuring
• Potential Split: Discussion of splitting Pricol into multiple entities to unlock shareholder value, though unlikely within the next year.
Conclusion
• Outlook: Cautious yet optimistic, focusing on strategic growth and operational readiness for future opportunities.
• Next Call: Anticipation for the second half of FY24.

Conference Call Overview
• Date: February 23, 2023
• Submitted transcript to: National Stock Exchange of India and BSE Limited
• Moderator: Anuj Sonpal, Valorem Advisors
• Key Management Present:
• Chairperson: Vanitha Mohan
• Managing Director: Vikram Mohan
• CEO: P. M. Ganesh
• Director of Strategy: Siddharth Manoharan
• CFO: Priyadarsi Bastia
• Purpose: Educate stakeholders on business fundamentals
Key Highlights from Vikram Mohan
• Commitment to Growth: Emphasized Promoter Group's dedication to Pricol's growth and stakeholder value.
• Financial Health:
• Achieved net debt-free status.
• Plans to invest 600 crore in capacity enhancements.
• Market Position:
• 58% overall market share; 96% in off-road DIS segment.
• Re-entered four-wheeler market with 48% share.
• Partnerships with brands like Ducati and BMW.
Vision and Future Plans
• Vision 2025: Focus on equitable growth and value addition.
• Expansion Phase: Clear strategies for growth and market capitalization.
Q&A Session Insights
• Minda Corporation's Stake:
• Minda will have access to non-forward-looking information.
• Open to creeping acquisition but on their terms.
• PHI's Investment: Confirmed support for current management; no merging intentions.
• Chip Shortages: Estimated 15% top-line loss; optimistic about easing shortages.
• CAPEX Plan:
• 600 crore investment over eight quarters.
• Funded through internal accruals; no share buybacks planned.
Conclusion
• Vikram Mohan expressed confidence in Pricol's future growth and financial health, reaffirming the company's commitment to creating value for stakeholders.

Pricol Limited Q3 FY23 Conference Call Summary
Overview
• Date: February 9, 2023
• Moderator: Chaiti Gujarati, Valorem Advisors
• Key Management: CEO P. M. Ganesh
Financial Performance
• Standalone revenue: ₹449.57 crores
• Consolidated revenue: ₹458.16 crores
• Significant year-on-year growth in profit metrics
Growth Drivers
• Outperformed market growth due to:
• New product launches
• Partnerships with Sibros and battery management systems
• Revenue target: ₹4,000 crores
Challenges
• Impact of integrated circuit (IC) shortages:
• Acute shortages affected production and customer fulfillment
• Supply chain issues have improved since January
• Clarification on IC shortage:
• Not due to semiconductor market collapse, but allocation issues specific to automotive ICs
Revenue Distribution
• 65% from two-wheelers, 35% from four-wheelers and other segments
• Telematics and driver information systems: 65% of revenue
• Exports: 12% of total revenue
Product Development and Outlook
• Positive response to new products at Auto Expo
• Focus on electric vehicles (EVs) and advanced driver information systems
• New products expected to contribute significantly to revenue growth
Capacity and Production
• Ongoing efforts to mitigate semiconductor shortage impacts:
• Extra shifts and premium freight used to minimize disruptions
• New products account for fluctuating revenue contributions, with EV-related revenue currently under 5%
Future Projections
• Commitment to reach ₹4,000 crores by FY26 despite challenges
• High investments in R&D and capacity enhancements
Investor Inquiries
• Management addressed concerns about revenue targets and development cost sharing with OEMs:
• Upfront development costs charged to customers
• Recognition of investment required for new technology products
Conclusion
• Management optimistic about future growth and product launches, inviting further inquiries from participants.