Pitti Engineering Q3 net profit up 58.68%

Hyderabad: Hyderabad-based Pitti Engineering reported a net profit of Rs 11.52 crore for the third quarter ended December 31, 2021, as compared to Rs 7.26 crore in Q3FY21, showing an increase of 58.68 per cent. The company’s revenue from operations stood at Rs 264.83 crore as compared to Rs 151.32 crore in Q3FY21, registering a […]

Hyderabad: Hyderabad-based Pitti Engineering reported a net profit of Rs 11.52 crore for the third quarter ended December 31, 2021, as compared to Rs 7.26 crore in Q3FY21, showing an increase of 58.68 per cent.

The company’s revenue from operations stood at Rs 264.83 crore as compared to Rs 151.32 crore in Q3FY21, registering a growth of 75.01 per cent. EBITDA was at Rs 34.28 crore as compared to Rs 25.22 crore in Q3FY21, an increase by 35.92 per cent.

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Akshay S Pitti, vice-chairman & MD, Pitti Engineering said, “The company is experiencing a flow of new enquiries, new product developments and the conversion of the same in to LOI and the pilot production orders culminating into the commercial production orders in the new as well as the existing end user applications including EV, power tools, wind and hydro power, e-mobility, urban mass transportation, and data centres.”

He added, “The company’s total order book stands at Rs 987 crore as on December 31, 2021. The company is also on track for its expansion plan in Aurangabad and has acquired adjoining land. The capex will be completed by end of FY24 with the incremental capacity additions starting from Q1 FY23.”

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