Pitti Q2 net up 28% as revenue rockets

Hyderabad: City-based Pitti Engineering Limited, which declared its financial results for the quarter ended September 30, 2021, has earned Rs 12.95 crore profit by registering a 28 per cent growth, where as the revenue for the quarter stood at 243.23 crore galloping by 79.50 per cent compared to the revenue for the same period last year.

The EBITDA was Rs 35.04 crore as compared to Rs. 24.03 crore for Q2FY21 showing an increase of 45.82 per cent. The EBITDA margin was recorded at 14.47 per cent against 17.81 per cent in Q2FY21.

As far as the half-year results were concerned, the company earned a revenue of Rs 417.6 crore for H1FY22 clocking a 112.52 per cent growth from Rs 196.50 crore for the corresponding period of - H1FY2. The EBITDA was Rs 62.99 crore as compared to Rs 26.11 crore in H1FY21; an increase of 141.25 per cent. The EBITDA margin improved to 15.08 per cent from 13.29 per cent in H1FY21

The net profit grew by 64.68 times to Rs 20.36 crore as compared to Rs 0.31 crore in H1FY21. The company has increased its installed capacity to 41,000 MT per annum for sheet metal and 3,70,000 CNC hours per annum for machining and shall achieve its declared capex of Rs 270 crore by end of FY24.

The order book and forecast stands at Rs 984 crore as on September 20,2021.

Commenting on the results, Akshay Pitti, Vice Chairman & Managing Director, said, "The country has emerged from the pandemic more resilient than ever, and we see infrastructure investment by the government and private sector CAPEX like never before. Consequently, we are delighted to report that the company has recorded the highest ever quarterly numbers across all key performance indicators such as sales, EBIDTA & PAT (excluding other income).

"The board, considering the company's capital requirement and the record performance for the quarter, has decided to distribute an interim dividend of 8 per cent per share of face value of Rs 5," he added.