Pitti Engineering Q4 PAT jumps 62% to ₹40.36 crore

Published - May 15, 2024 10:13 pm IST - MUMBAI

Pitti Engineering Ltd., which supplies a wide range of products to vastly diversified end-user segments, reported fourth-quarter net profit grew 62.48% to ₹40.36 crore compared with ₹24.84 crore in the year-earlier period.

Revenue from operations during the quarter ended March 31, grew 32.48% to ₹327.88 crore compared with ₹247.50 crore.

For FY24, the company reported 53.32% growth in net profit to ₹90.20 crore compared with ₹58.83 crore.

Revenue from operations was at ₹1,201.60 crore compared with ₹1,100.17 crore in the previous year, up 9.22%.

The company’s sales volumes on Year on Year (YoY) basis increased to 42,305 MT as compared with 36,297 mt in FY23, up 16.55%. Capacity utilisation for sheet metal was at 72.95% and machine hours at 90.47%.

Akshay S Pitti, Vice Chairman & Managing Director, said “FY24 has been the best in the company’s history, recording all-time high revenues, profitability, and sales volume. Also, in the current quarter, an incentive amount of ₹30.45 crore was accounted for under the Maharashtra State Industrial Promotion Scheme.”

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