Pitti Engineering Q1 net up by 19% to Rs 13.97 crore

Pitti Engineering Ltd Q1 earnings

Pitti Engineering Ltd, which is into the manufacturing of traction and special purpose motors and generators, has reported a net profit of Rs 13.97 crore, indicating a year-on-year growth of 19.30 percent as against Rs 11.71 crore in the same period last year.

Pitti Engineering also recorded its highest-ever EBITDA for a quarter at Rs 42.43 crore as compared with Rs 35.45 crore, up 19.69 percent.

The company's total revenues for the quarter ended June 30, 2023, was at Rs 290.71 crore, as compared with Rs 311.06 crore in the year-earlier period, down by 6.54 percent. During the quarter the company achieved a sales volume of 9,958 MT.

"The market outlook remains positive with robust demand for the company's products and services. The ongoing brownfield expansion at its facilities is progressing as planned," it said in a release.

Commenting on the results, Akshay S Pitti, Vice Chairman and Managing Director said, "Pitti Engineering Limited has achieved an exceptional milestone by recording its highest-ever EBITDA of Rs 42.43 crore for Q1 FY 24 with a YoY growth of 19.69 percent. Our blended EBITDA was at Rs 42,607 per MT, while the net profit surged to Rs 13.97 crore with a YoY growth of 19.30 percent.

On the capex side, the brownfield expansions at Aurangabad and Hyderabad remain on track. The marginal de-growth in revenues was on account of a reduction in the cost of raw materials. The demand outlook and volumes in the second quarter are very encouraging and we are on track to achieve our guidance on both volumes and profitability for the year.

(With PTI inputs)