Mumbai, November 2, 2020: Pitti Engineering’s net profit has gone up by 43.94% during Q2 FY21 to Rs. 10.09 crore from Rs. 7.01 crore in Q2 FY20. The revenues from operations during the same period was at Rs. 134.95 crore.
EBITDA margin has improved to 17.81% in Q2 FY21 from 14.31% in Q2FY20 Residual long-term order book stands at about ₹ 600 crore from reputed global companies. The orders include products like 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.
The newer industry segments like data centers and EV are expected to contribute significantly in orderbook of the company in the coming years As announced earlier, enhancement in capacities will help the company in increasing its capabilities and market reach of its products. Moreover, the company will also start in-house manufacturing of bought out components and optimize its supply chain The new expansion would result in further increased level of automation at our plants there by reducing dependence on labour, which would in turn results in better operating margins and thus profitability Commenting on the Results, Mr. Sharad B Pitti, Chairman & Managing Director, said that, “We have witnessed healthy growth momentum across the product segments led by further pick-up in operational activities and product dispatches. Operational performance during the quarter has been good as per our targets. With value addition, we have been able to improve the margins and profitability during the quarter.” He further added that, “We believe that the investment and capex cycle to see a major revival in the coming quarters which would drive the demand for engineering products. Moreover, worldwide capital goods players were operating on just in time inventories for the last couple of years. The pipe-line stock are exhausted and tremendous order flow is expected to just meet the current demand in capital goods sectors especially in high value-added products, wherein we have a presence.” Pitti Engineering Limited, leading Engineering company in the country with three decades of excellence in manufacturing of Sheet Metal Components including Motor Cores, Sub-Assemblies, Die-Cast Rotors and Machining of Metal Components & also the largest exporter of Electrical Laminations from India. The company has evolved into a complete engineering solution provider to its customers assisting in optimizing their supply chain by integrating various horizontal processes.
The Company supplies a range of Engineering products to vastly diversified segments like Hydro & Thermal Generation, Windmill, Mining, Cement, Steel, Sugar, Construction, Lift Irrigation, Freight Rail, Passenger Rail, Mass Urban Transport, Appliances, Medical Equipment, Oil & Gas and various several other industrial applications. Broadly speaking, the Company’s products find a suitable application in almost every equipment that rotates or generates electricity. PWR PWR