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The orders include a significant business for electric vehicles, valued at approximately Rs 50 crore. This development aligns with the firm's forward-thinking strategy of aligning its portfolio with growth opportunities in the electric vehicle market. The order is to be executed over a period of 3 years to 5 years.
In an exchange filing, the company said, 'A key highlight of these orders is the company's success in expanding its footprint with KIA, marking a key milestone in PPAP's efforts to expand its presence with global automotive giants. This new order win underscores PPAP Automotive's ongoing efforts to build long-term partnerships and its dedication to delivering excellence across both existing and new customers.'
Abhishek Jain, CEO & MD of PPAP Automotive, said, 'These new orders from longstanding clients underscore PPAP Automotive's enduring relationships and unwavering commitment to excellence, reinforcing its reputation as a trusted leader in the automotive industry. Through our continued efforts, we have successfully made significant inroads with KIA.
We were successful in introducing new technology parts, which were highly appreciated by our customers and were immediately adopted for use in their forthcoming models. We remain committed towards achieving higher revenues coupled with better margins as these premium products bear fruit going ahead.'
PPAP Automotive is a leading manufacturer of automotive sealing systems and interior and exterior automotive parts in India. The company's manufacturing facilities are located in all the major automotive passenger vehicle manufacturing hubs in North, West and South India.
The company's standalone net profit surged 106.92% to Rs 5.56 crore in Q2 FY25 as compared with Rs 2.68 crore in Q2 FY24. Revenue from operations rose 0.59% YoY to Rs 1,413.06 crore during the quarter.
The company has a current market capitalization of Rs 346.60 crore.
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