Pitti Engineering Ltd., which is into the manufacturing of traction and special purpose motors and generators, has reported a net profit of ₹ 13.97 crore, 19.30% YoY growth from ₹ 11.71 crore in Q1 ‘23.
It also recorded the highest ever EBITDA for a quarter at ₹ 42.43 crore as compared with ₹ 35.45 crore, up 19.69% YoY. The company’s total revenues for Q1’24 was at ₹ 290.71 crore, vs ₹ 311.06 crore, down by 6.54% YoY.
During the quarter the company achieved a sales volume of 9,958 MT. The market outlook remains positive with robust demand for the company’s products and services.
The ongoing brownfield expansion at its facilities is progressing as planned. Commenting on the results, Mr. Akshay S. Pitti, Vice Chairman and Managing Director said the company has reached a milestone in terms of EBITDA profitability.
On the capex side, the brownfield expansions at Aurangabad and Hyderabad are on track. The slight decrease in revenues was on account of the cost of raw materials.
The company expects demand outlook and volumes in the second quarter to be very encouraging and stated they are on track to achieve guided numbers on both volumes and profitability for the year.
