Pitti Engineering Q1 net profit up 19% at ₹13.97 crore

August 14, 2023 09:19 pm | Updated 09:19 pm IST - MUMBAI

Pitti Engineering Ltd., which is into the manufacturing of electrical steel laminations, sub-assemblies for motor and generator cores among others, has reported 19.3% growth in net profit for the first quarter at  ₹13.97 crore, as compared with ₹ 11.71 crore in the year-earlier period.

The company’s total revenues for the quarter ended June 30, 2023 was at ₹290.71 crore, as compared with ₹311.06 crore in the year-earlier period, down by 6.54%. EBITDA was at ₹42.43 crore as compared with ₹ 35.45 crore, up 19.69%.

Akshay S. Pitti, Vice Chairman and Managing Director, said “The marginal de-growth in revenues were on account of reduction in cost of raw materials. The company has achieved an exceptional milestone by recording its highest-ever EBITDA of ₹42.43 crore for Q1 FY 24. Our blended EBITDA was at ₹42,607 per Metric Tonne.”

“On the capex side, the brownfield expansions at Aurangabad and Hyderabad remain on track. 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,” he added.

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