Pitti Engineering Limited Announces Strong Financial Results for Q2 & H1 FY24
Pitti Engineering Limited has released its Q2 & H1 FY24 financial highlights, showcasing significant growth in sales volume, total revenue, EBITDA, and net profit. The company maintains a robust order book, recognizes an incentive income, and has filed a Scheme of Amalgamation. Akshay S Pitti, the Vice Chairman & Managing Director, emphasizes the company's commitment to achieving annual targets amidst challenging circumstances. Pitti Engineering is a leading manufacturer of Electrical Steel Laminations, Sub-Assemblies, and Die-Cast Rotors, serving various industries including Freight Rail, Passenger Rail, Windmill, and more.
Hyderabad, November 09, 2023 - Pitti Engineering Limited, a leading Engineering Company, is delighted to report its impressive financial performance for the second quarter and the first half of the fiscal year 2023-24, ending on September 30, 2023.
In a comprehensive overview of the company's financial health, Pitti Engineering has revealed a compelling set of figures that showcase its resilience and growth in the ever-evolving industrial landscape. The key financial highlights for Q2 and H1 FY24 are as follows:
Q2 FY24 Highlights:
- Sales volume achieved an all-time high, reaching 10,340 MT, indicating a remarkable growth of 17.38% compared to Q2 FY23.
- Total Revenue for Q2 FY24 amounted to ₹302.85 crore, only marginally lower than ₹304.54 crore in Q2 FY23, showing a minimal 0.55% decrease on a year-on-year basis.
- EBITDA for Q2 FY24 soared to ₹42.56 crore, marking an impressive 16.44% increase from ₹36.55 crore in Q2 FY23.
- Profit After Tax (PAT) for Q2 FY24 reached ₹22.55 crore, reflecting a substantial surge of 121.95% compared to ₹10.16 crore in Q2 FY23.
H1 FY24 Highlights:
- Sales volume for the first half of the fiscal year 2023-24 reached 20,298 MT, marking a significant increase of 15.62% compared to H1 FY23.
- Total Revenue for H1 FY24 amounted to ₹593.56 crore, in comparison to ₹615.60 crore in H1 FY23, reflecting a moderate decrease of 3.58%.
- EBITDA for H1 FY24 was ₹84.99 crore, showcasing an 18.03% growth from ₹72.01 crore in H1 FY23.
- The company's Net Profit (PAT) displayed impressive growth, surging by 66.99% to ₹36.52 crore, compared to ₹21.87 crore in H1 FY23.
Operational Highlights:
- Pitti Engineering maintains a robust order book of ₹716 crore as of September 30, 2023.
- For H1 FY24, EBIDTA stood at ₹41,869/MT, with sales realization at ₹2,85,779/MT.
- An incentive income of ₹10.91 crore was recognized from the Maharashtra Government in H1 FY24.
- The company's net debt stands at ₹291.15 crore.
- Pitti Engineering filed the Scheme of Amalgamation with Stock Exchanges on June 26, 2023, and received their no objection on October 26, 2023. The scheme is currently pending approvals from NCLT, shareholders, and creditors.
Commenting on the results, Mr. Akshay S Pitti, Vice Chairman & Managing Director of Pitti Engineering, highlighted the company's achievement of its highest-ever sales volume and EBITDA during the quarter. He expressed confidence in the face of forthcoming challenges and uncertainties, including the ongoing war, upcoming elections, and other macro-economic factors, emphasizing the company's commitment to achieving its annual targets.
About Pitti Engineering Limited: Pitti Engineering Limited is a prominent manufacturer of Electrical Steel Laminations, Sub-Assemblies for Motor & Generator Cores, Die-Cast Rotors, and Machined Casted & Fabricated parts and Shafts. The company supplies a diverse range of products to various end-user segments, including Freight Rail, Passenger Rail, Mass Urban Transport, Hydro & Thermal Generation, Windmill, Mining, Cement, Steel, Sugar, Construction, Lift Irrigation, Appliances, Medical Equipment, Oil & Gas, and a wide array of other industrial applications. Pitti Engineering's products find applications in nearly every rotating electrical equipment.
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