Electrical Equipment/Products company Pitti Engineering announced Q1FY24 results: Total Revenue was at Rs 290.71 crore, as compared to Rs 311.06 crore in Q1FY23, down by 6.54%. EBITDA was at Rs 42.43 crore, as compared to Rs 35.45 crore, registered a growth of 19.69% EBITDA per tonne stands at Rs 42,607, as compared to Rs 40,539 in Q1FY23, registered a growth of 5.10% Net Profit was at Rs 13.97 crore, as compared to Rs 11.71 crore in Q1FY23, clocking a growth of 19.30% We achieved a sales volume of 9,958 MT in Q1FY24. The market outlook remains positive with robust demand for our products and services. Our EBIDTA for Q1FY24 grew by 19.69% YoY growth to Rs 42.43 crore, the highest-ever EBITDA recorded for a quarter. Our Company has recorded a net profit of Rs 13.97 crore, indicating a YoY growth of 19.30% against, Rs 11.71 crore in Q1FY23. The ongoing brownfield expansion at our facilities is progressing as planned. 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 Q1FY24 with a YoY growth of 19.69%. 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%. 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.” Result PDF
Electrical Equipment/Products company Pitti Engineering announced Q4FY23 & FY23 results: Q4FY23: Revenue from operations was at Rs 247.51 crore vs Rs 271.39 crore in Q4FY22, down by 8.80% EBITDA was at Rs 40.56 crore, as compared to Rs 35.37 crore, registered a growth of 14.67% Net profit was at Rs 24.83 crore, as compared to Rs 19.79 crore in FY22, registered a growth of 25.47% FY23: Revenue from operations was at Rs 1,100.17 crore vs Rs 953.82 crore in FY22, grown by 15.34% EBITDA was at Rs 151.39 crore, as compared to Rs 132.63 crore in FY22, grown by 14.15% Net profit was at Rs 58.83 crore, as compared to Rs 51.89 crore in FY22, registered a growth of 13.35% Board of Directors of the Company has recommended a final dividend of Rs 1.20 per share on a face value of Rs 5 per share, amounting to a total dividend of Rs 2.70 per share (including the interim dividend of Rs 1.50 per share declared during the year). Commenting on the Results, Akshay S Pitti, Vice Chairman & Managing Director, said, “Pitti Engineering Limited has achieved exceptional milestones, recording its highest-ever annual revenue of Rs1,111.78 crore with a YoY growth of 15.22%. Our annual EBITDA reached a record high of Rs 151.39 crore, reflecting a YoY growth of 14.14%, while the net profit surged to Rs 58.83 crore with a YoY growth of 13.35%. Progressing towards our goal of achieving a sheet metal capacity of 72,000 MT, we showcase our commitment to enhancing manufacturing capabilities. With a robust demand outlook, diverse product offerings, and expanding capacity, we are well poised to seize future opportunities.” Result PDF