Mahindra owned Italian Automotive design firm Pininfarina posted record earnings
Italian automotive design firm Pininfarina posted profits of 87.1 million Euros in the 2017-18 financial year thus showing a growth of 26.4 per cent. The company's earnings also saw a substantial growth increasing from 0.9 million Euros in 2016 to 7.5 million Euros in 2017-18. Silvio Pietro Angori - CEO of Pininfarina SpA, said, "2017 was a year of record results for Pininfarina so demonstrating the achievement of financial sustainability and the continued ability to offer services and solutions that become a benchmark for the world's markets. All economic and financial indicators grew strongly compared to 2016 and the consolidated financial statements closed with a profit for the first time after 14 years, net of extraordinary finance transactions. The growth in turnover and profits contributed to the collection of long-standing and considerable orders in the field of automobile engineering services."
Pininfarina is eyeing USD 1 billion in revenues, in partnership with Tech Mahindra's engineering division, over the next 3-5 years. Tech Mahindra currently owns around 76 per cent stake in the Turin-based firm which has worked with iconic brands such as Ferrari, Maserati and Rolls-Royce. At present, Pininfarina generates around 10 per cent of the revenues from Italy, 30 per cent from Europe, and the remaining 60 per cent from rest of the world. In India, of course, it has two clients.
Angori said, "We have also acquired projects of major importance in the field of design services in the automotive and industrial world, in civil architecture and in transport in general. To the already large customer portfolio, numerous customers have been added in markets with a higher growth rate such as China, Germany, the United States and Vietnam. 2018 will be another positive year that will position Pininfarina among the most valuable companies in its sector. The first positive indications on the revenue front come from the feedback followed by the enthusiastic reception at the Geneva Motor Show of the running prototype of the H2 Speed, Pininfarina-branded hydrogen powered electric racing car, and the hybrid concept HK GT developed for Hybrid Kinetic."
Pininfarina, which became a part of the Mahindra group in late 2015.
Edited by SANDA.
Source: Car & Bike Journal.