Pitti Engineering Ltd., which is into the manufacturing {of electrical} metal laminations, sub-assemblies for motor and generator cores amongst others, has reported 19.3% progress in net profit for the primary quarter at ₹13.97 crore, as in contrast with ₹ 11.71 crore within the year-earlier interval.
The firm’s whole revenues for the quarter ended June 30, 2023 was at ₹290.71 crore, as in contrast with ₹311.06 crore within the year-earlier interval, down by 6.54%. EBITDA was at ₹42.43 crore as in contrast with ₹ 35.45 crore, up 19.69%.
Akshay S. Pitti, Vice Chairman and Managing Director, mentioned “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.
