Pritika Auto Industries Limited will Hold its AGM on July 17th to Approve the Financial Statements.

Pritika Auto Industries Limited, a leading manufacturer of tractor components and automotive parts in India, has announced that it will hold its Annual General Meeting (AGM) on July 17, 2024. The primary agenda for this meeting will be the approval of the company's financial statements for the fiscal year 2023-2024.

The AGM is set to take place at the company’s headquarters in Chandigarh. During the meeting, shareholders will review the financial performance of the company over the past year, which includes the balance sheet, profit and loss account, and the cash flow statement.

The company’s board of directors, along with key executives, will be present to address any questions and provide insights into the company's strategic direction and operational achievements.

The meeting will also include discussions on other important business matters, including the appointment and re-appointment of directors and auditors, and the declaration of dividends. Shareholders will have the opportunity to vote on these resolutions, thereby playing a crucial role in shaping the future of the company.

The full agenda of the meeting in brief is given below:

Ordinary Business:

1. Adoption of Financial Statements:
   • Review and adopt the Audited Financial Statements for the year ending March 31, 2024, along with the Board of Directors' and auditors' reports.
2. Adoption of Consolidated Financial Statements:
   • Review and adopt the Audited Consolidated Financial Statements for the year ending March 31, 2024, along with the auditors' reports.
3. Appointment of Director:
   • Reappoint Mr. Ajay Kumar (DIN: 02929113) as a director, who retires by rotation and seeks reappointment.

Special Business:

4. Ratification of Cost Auditor's Remuneration:
   • Approve the remuneration of Rs. 1,15,000/- plus applicable taxes and out-of-pocket expenses for M/s. Khushwinder Kumar & Co. for the cost audit for the year ending March 31, 2025.
5. Appointment of Director:
   • Appoint Mr. Narinder Kumar Tyagi (DIN: 00483827) as a director, who was appointed as an Additional Director on April 23, 2024.
6. Appointment of Whole Time Director and Payment of Remuneration:
   • Appoint Mr. Narinder Kumar Tyagi as Whole Time Director for three years from July 17, 2024, with specified remuneration and perquisites.
7. Appointment of Independent Director:
   • Appoint Mrs. Kritika Goyal as Non-Executive Independent Director for three years from April 23, 2024.
8. Re-appointment of Chairman and Managing Director and Payment of Remuneration:
   • Reappoint Mr. Harpreet Singh Nibber as Chairman and Managing Director for three years from April 1, 2025, with specified remuneration and perquisites.
9. Re-appointment of Whole Time Director and Payment of Remuneration:
   • Reappoint Mr. Ajay Kumar as Whole Time Director for three years from April 1, 2025, with specified remuneration and perquisites.
10. Approval of Material Related Party Transactions with Pritika Industries Ltd.:
    • Approve related party transactions with Pritika Industries Ltd. for five financial years from 2025-26 to 2029-30, with a cumulative value not exceeding Rs. 20.00 crore per year.

11. Approval of Material Related Party Transactions with Pritika Engineering Components Ltd.:

• Approve related party transactions with Pritika Engineering Components Ltd. for five financial years from 2025-26 to 2029-30, with a cumulative value not exceeding Rs. 200.00 crore per year.

Read the full notice here.

Pritika Auto Industries Annual Report 2023 - 24 

Despite challenges in the tractor market and economic uncertainties, FY24 was a year of strategic growth and achievements for Pritika Auto Industries Ltd. The company focused on operational excellence and innovation, leading to improved operational efficiency, higher gross profit, and better margins.

Key Highlights

• Operational Improvements: Enhanced resource allocation, process optimization, and reduced wastage.
• Exports: Secured export orders, boosting confidence in the non-tractor export segment.
• New Plant: Commenced commercial production at a new plant in Punjab.
• Product Focus: Focus on higher weight products that command better market prices.
• Demerger Success: Completion of the demerger from Pritika Industries Limited enhanced operational focus.

Investments and Partnerships

The company continued investing in R&D, capacity expansion, and innovative technologies. Strong partnerships with leading OEMs reflect a commitment to quality and reliable service.

Future Outlook

Looking ahead, Pritika Auto Industries is well-positioned to capitalize on future opportunities with a focus on operational excellence and customer satisfaction. The company expects further improvements in margins and profitability.

Industry Overview

The Indian tractor industry is expected to grow steadily, driven by increased demand for agricultural machinery, government support, and favorable monsoon conditions. Challenges remain, but technological advancements and farm mechanization initiatives promise a positive outlook.

Share Capital and Financial Decisions

• The company allotted 7,17,17,167 equity shares, bringing the paid-up share capital to Rs. 32,07,79,334 as of March 31, 2024.
• An additional 12,98,000 equity shares were allotted on May 23, 2024, increasing the paid-up share capital to Rs. 32,33,75,334.
• The Board did not recommend any dividend for the year ended March 31, 2024, and no amount was transferred to the reserves during the financial year.

Financial Results 

Standalone Results (in Rs. Lakhs)

Consolidated Results (in Rs. Lakhs)

Pritika Auto Industries Limited

Pritika Auto Industries Limited, formerly known as Shivkrupa Machineries and Engineering Services Ltd., has a rich history dating back to its incorporation as a public limited company in April 1980. Over the years, the company has evolved into a prominent player in the manufacturing and distribution of various automotive components, machinery, and engineering goods.

With a robust portfolio that includes metal alloys, castings, tractor parts, and automobile accessories, Pritika Auto Industries caters to both domestic and international markets. The company's strategic shift in 2017 to adopt its current name underscores its commitment to growth and adaptation within the automotive sector.