Pitti Engineering net profit at Rs 21.1 crore in Q4 FY21

The company’s revenues went up to Rs 170.34 crore, as compared to Rs 112.95 crore in Q4 FY20, registering a growth of 50.81 per cent

Hyderabad: Hyderabad-based Pitti Engineering reported its net profit for the quarter ended March 2021 at Rs 21.21 crore, as compared to Rs 1.53 crore in Q4 FY20. The company’s revenues went up to Rs 170.34 crore, as compared to Rs 112.95 crore in Q4 FY20, registering a growth of 50.81 per cent.

For the financial year 2020-21, revenue from operations was at Rs 518.17 crore, as compared to Rs 525.06 crore in FY20. Net profit was at Rs 28.78 crore, as compared to Rs 17.10 crore in FY20, registered a growth of 68.30 per cent.

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Commenting on the results, Akshay S Pitti, vice chairman & MD, said, “Be it domestic market or developed markets like USA, Europe and Germany, the focus of the governments on infra developments and other fiscal policies of respective countries are fuelling the growth for high end engineering products.”

“We as a company are well geared up to tap this opportunity and have started working on many new products in the areas of power systems for data firms, propulsion systems for electric vehicles, various sub-assemblies for intercity passenger and freight movement components for mass urban transit systems and renewable energy and truck frames for locomotives etc.,” he added.

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