Pitti Engineering Q1 net profit up 19% at ₹ 13.97 crore
Hyderabad, 17 August 2023: Pitti Engineering Ltd., which is into the manufacturing of traction motors and generators, has reported 19.3% growth in net profit for the first quarter at ₹13.97 crore, as compared with ₹ 11.71 crore in the same period last year. The company’s total revenues for the quarter ended June 30, 2023 was at ₹290.71 crore, as compared with ₹311.06 crore in the year-earlier period, down by 6.54%, on account of softening of raw material prices, EBITDA was at ₹42.43 crore as compared with ₹ 35.45 crore, up 19.69%, the highest-ever EBITDA recorded for a quarter. During the quarter the company has achieved highest ever quarterly 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. Commenting on the results, Mr.
Akshay S. Pitti, Vice Chairman and Managing Directorsaid, “Pitti Engineering Limited has achieved an exceptional milestone by recording it’s highest-ever EBITDA of ₹ 42.43 crore for Q1 FY 24 with a YoY growth of 19.69%. Our blended EBITDA was at ₹ 42,607 per MT, while the net profit surged to ₹ 13.97 crore with a YoY growth of 19.30%.
On the capex side, the brownfield expansions at Aurangabad and Hyderabad remain on track. The marginal de-growth in revenues were on account of reduction in 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.
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