Electrical Equipment & Products company Pitti Engineering announced Q4FY24 & FY24 results: Q4FY24 Financial Highlights: Revenue from operations was at Rs 327.88 crore, as compared to Rs 247.50 crore in Q4FY23, up by 32.48% EBITDA was at Rs 48.64 crore, as compared to Rs 40.56 crore, registered a growth of 19.92% Net profit was at Rs 40.36 crore, as compared to Rs 24.84 crore in FY23, registered a growth of 62.48% FY24 Financial Highlights: Revenue from operations was at Rs 1,201.60 crore, as compared to Rs 1,100.17 crore in FY23, grown by 9.22% EBITDA was at Rs 177.72 crore, as compared to Rs 151.39 crore in FY23, grown by 17.39% Net profit was at Rs 90.20 crore, as compared to Rs 58.83 crore in FY23, registered a growth of 53.32% Commenting on the results, Akshay S Pitti, Vice Chairman & Managing Director, said that, "I am pleased to report that FY24 has been the best in the company's history, recording alltime high revenues, profitability, and sales volume. Also, in the current quarter, an incentive amount of Rs 30.45 crore was accounted for under the Maharashtra State Industrial Promotion Scheme." Result PDF
Electrical Equipment/Products company Pitti Engineering announced Q3FY24 & 9MFY24 results: Q3FY24 Financial Performance Sales Volume: Achieved the highest-ever sales volume of 10,572 MT, a 15.54% increase YoY. Total Revenue: Rose to Rs 296.92 crore, a 24.19% increase YoY. EBITDA: Increased to Rs 44.09 crore, registering a 13.58% growth YoY. PAT: Grew to Rs 13.32 crore, up by 9.81% YoY. 9MFY24 Financial Performance Sales Volume: Rose to 30,870 MT, a 15.59% increase YoY. Total Revenue: Increased to Rs 890.48 crore, up by 4.19% YoY. EBITDA: Grew to Rs 129.07 crore, a 16.46% increase YoY. PAT: Jumped to Rs 49.84 crore, a significant increase of 46.59% YoY. Operational Highlights Order Book: Stands at Rs 898 crore as of December 31, 2023. EBITDA per MT: Reported to be Rs 41,812/MT for 9M FY24. Capital Expenditure: Totalled Rs 63.29 crore during the nine months of FY2024 with an expectation to incur approximately Rs 40 crore by the end of the financial year. Commenting on the Results, Akshay Pitti, Vice Chairman & Managing Director said that, "We reported our highest sales volumes for any quarter in Q3FY24 at 10,572 MT, total sales upto December 2023 was 30,870 MT, this puts us on track for achieving our annual sales target of 42,000 MT for FY24. We have a strong product development pipeline from existing customers which is further strengthened with new customer developments in sectors such as generators, automotive and railways. Based on these developments we are setting ourselves a sales target for 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." Result PDF