ICICI Securities Ltd | Retail Equity Research Pitti Engineering (Pitti) reported a robust Q2FY19 performance Total sales volume for the quarter was at 8100 tonne, up 78% YoY. Consequent net sales were at | 173 crore, up 106% YoY. Robust topline growth is a mix of volume, realisation growth (up 16% YoY) Export sales in Q2FY19 came in at a high of | 72 crore vs. | 23 crore in the base quarter i.e. Q2FY18 & | 46 crore in Q1FY19 EBITDA in Q2FY19 was at | 25.9 crore with corresponding EBITDA...

ICICI Securities Ltd | Retail Equity Research Pitti Laminations (Pitti) reported a steady Q3FY18 performance, with net sales for the quarter at | 77.3 crore, up 0.5% YoY. Recovery in sales was stalled this quarter (vs. H1FY18, up 41% YoY) due to loss of production days (30) on account of shifting of manufacturing base from Hyderabad, Pune to its new facility in Aurangabad, Maharashtra EBITDA in Q3FY18 was at | 11.2 crore with corresponding EBITDA margins at 14.5% and PAT at | 2.7 crore vs. | 1.9 crore in Q3FY17...

Company has a very well articulated plan for transition into the next phase of growth. There are a number of initiatives undergoing which will support the growth endeavors of the company. Company report a continued growth momentum supported by robust volume growth and better product mix. Increasing contribution from domestic business and significant improvement in export...

ICICI Securities Ltd | Retail Equity Research Pitti Laminations (Pitti) reported a steady Q4FY17 performance, with sales at | 84.2 crore, up 9.5% YoY. EBITDA came in at | 7.4 crore with corresponding EBITDA margins at 8.8% and PAT at | 1.6 crore Drop in EBITDA margins sequentially (down 300 bps QoQ) came in as a negative surprise resulting in muted numbers at the PAT level For full year FY17, sales were at | 285.9 crore (down 8.2% YoY), EBITDA at | 32.8 crore (margins at 11.5%) and PAT at | 6.3 crore...

ICICI Securities Ltd | Retail Equity Research Pitti Laminations' (Pitti) performance in Q2FY17 was largely tracking the management guidance of muted Q2 and relatively good H2FY17 Net sales for the quarter declined 15% YoY to | 66.0 crore, largely tracking 39% decline in export sales. The EBITDA margin, however, came in higher at 11.8% due to a better metal realisations and costs rationalisation measures being undertaken at Pitti In Q2FY17, EBITDA was at | 7.9 crore while PAT was at | 1.5 crore...

Pitti Laminations (Pitti) reported a muted Q1FY17 performance. Net sales for the quarter declined 32% YoY largely on account of 55% decline in export sales. The EBITDA margin, however, came in higher at 14.6% due to a change in product mix (high stator volume in exports) and costs rationalisation measures .Topline in Q1FY17 was at | 58.1 crore. The corresponding EBITDA was at | 8.5 crore while PAT was at | 1.2 crore. ICICI Securities Limited have valued Pitti at | 36 i.e. 9x P/E on FY18E EPS of | 4.0/share and downgrade the stock to SELL.

ICICI Securities Ltd | Retail Equity Research Pitti Laminations reported another quarter of muted performance with EBITDA margins coming in at 3.9%, down 750 bps YoY....