Pitti Engineering Ltd. Shines with Remarkable Financial Growth in Q3&9MFY24

Pitti Engineering Limited, a prominent player in the engineering domain, proudly reveals its financial outcomes for the third quarter and the nine months concluding on December 31, 2023. The company showcases substantial growth, emphasizing its ability to thrive in the dynamic industry landscape.

Financial Highlights - Q3FY24:

• Total Revenue: Pitti Engineering reports an impressive total revenue of ₹296.92 crore in Q3FY24, marking an exceptional YoY growth of 24.19% from ₹239.08 crore in Q3FY23.
• EBITDA: The EBITDA for Q3FY24 stands at ₹44.09 crore, reflecting a significant 13.58% increase from ₹38.82 crore in Q3FY23.
• Net Profit: Q3FY24 witnesses a net profit of ₹13.32 crore, displaying a notable 9.81% YoY growth from ₹12.13 crore in Q3FY23.

Q3FY24 - Operational Highlights:

• Sales Volume Growth: Pitti Engineering achieves a remarkable sales volume of 10,572 MT in Q3FY24, indicating robust growth of 15.54% compared to 9,150 MT in Q3FY23.
• Total Revenue Growth: Total revenue in Q3FY24 surges to ₹296.92 crore, demonstrating a significant 24.19% YoY increase.
• EBITDA Growth: EBITDA witnesses commendable growth of 13.58%, reaching ₹44.09 crore from ₹38.82 crore in Q3FY23.
• Net Profit Increase: The net profit rises to ₹13.32 crore, showcasing a robust 9.81% YoY growth.

Financial Highlights - 9MFY24:

• Sales Volume Expansion: The company achieves a substantial 15.59% increase in sales volume for the nine months ending December 31, 2023, reaching 30,870 MT.
• Total Revenue Increase: Total revenue for 9MFY24 reaches ₹890.48 crore, indicating a solid 4.19% YoY growth.
• EBITDA Surge: EBITDA for 9MFY24 registers a commendable 16.46% increase, reaching ₹129.07 crore from ₹110.83 crore in 9MFY23.
• Net Profit Growth: Net profit exhibits an impressive growth of 46.59%, reaching ₹49.84 crore compared to ₹34.00 crore in 9MFY23.

Operational Highlights:

• Order Book Status: As of December 31, 2023, Pitti Engineering boasts a robust order book standing at ₹898 crore.
• EBIDTA for 9MFY24: The EBIDTA for 9MFY24 stands at ₹41,812/MT, showcasing the company's operational efficiency.
• Aurangabad Facility Expansion: The ongoing expansion of Pitti Engineering's Aurangabad facility is progressing on schedule. The construction is expected to conclude by March 2024, with the installation and commissioning of equipment set to enhance lamination capacity to 72,000 MT by the end of Q2FY25.
• Merger Update: The company filed the Scheme of Amalgamation with Stock Exchanges on June 26, 2023, and received no objection on October 26, 2023. While awaiting approvals from NCLT, shareholders, and creditors, the company expresses confidence in completing the merger process by mid-Q2FY25, with the appointed date being April 1, 2023.

Mr. Akshay Pitti, Vice Chairman & Managing Director, Commented on the Results:

“We reported our highest sales volumes for any quarter in Q3FY24 at 10,572 MT, putting us on track to achieve our annual sales target of 42,000 MT for FY24. We have a strong product development pipeline from existing customers, further strengthened with new developments in sectors such as generators, automotive, and railways. Based on these developments, we are setting ourselves a sales target for the sheet metal business of 50,000 MT for FY2025. The merger of the foundry will further add impetus to our machined components business, thereby improving the margin profile of the company.”

About Pitti Engineering Limited:

Pitti Engineering Limited stands as a leading manufacturer of Electrical Steel Laminations, Sub-Assemblies for Motor & Generator Cores, Die-Cast Rotors, and Machined Casted & Fabricated parts and Shafts. With a wide range of products catering to diverse end-user segments, the company plays a pivotal role in various industries, including Rail, Energy, Mining, Construction, and more.

For more information, visit www.pittiengg.com.