Net Revenue at ₹ 151.32crore; up by 28.32% EBITDA was at ₹ 25.22 crore; up by 40.97% PAT was at ₹ 7.26 crore; up by 78.82% Hyderabad, February11, 2021: Pitti Engineering Ltd., leading Engineering Company, has declared its financial results for the Quarter ended December 31, 2020.
• Revenue from Operations was at ₹ 151.32 crore as compared to ₹ 117.92 crore in Q3FY20; registered a growth of 28.32% • EBITDA was at ₹ 25.22 crore as compared to ₹ 17.89 crore in Q3FY20; increased by 40.97% • EBITDA Margin improved to 16.67% from 15.17% in Q3FY20 • Net Profit was at ₹ 7.26 crore as compared to ₹ 4.06 crore in Q3FY20; registered a growth of 78.82% Operational Highlights: • Residual long-term order book stands at about ₹ 600 crore from reputed global companies. The orders include products like Assemblies of Power Systems for Data Farms, Components for Propulsion Systems of Electric Vehicles, Sub-assemblies for Intercity Passenger Rail, Sub-assemblies for Freight Rail Components for Mass Urban Transit Systems and Renewable Energy.
• Based on current market outlook and as announced earlier, the company is proceeding with its capex plans to enhance its capacities, modernize its plants with increased levels of automation as well as adding new capabilities and product offerings. This will help the company increase its operating margins significantly.
Commenting on the results, Mr. Sharad B Pitti, Chairman & Managing Director said, “We continue to witness a sharp recovery in demand for our products and our customers have indicated that the increased demand will continue for the foreseeable future. I am extremely pleased with the budget announcements and am confident that the steps taken by the government to stimulate the economy will result in an unprecedented growth for the country. The company has been continuously investing in cutting edge manufacturing technology and expanding our product offering, focusing on value added products and vertically integrating our supply chains. As a result of these initiatives, we have been able to deliver improved margins and profitability during the quarter. We will continue to maintain similar focus going forward and aim to improve the margins even more in the coming quarters.” PWR PWR