Pitti Engg sees multi-fold growth in net profit

Hyderabad Pitti Engineering Ltd has reported 175.66 per cent growth in net profit to Rs 7.40 crore in the quarter (Q1) ended June this financial year. It has registered a net loss of Rs 9.78 crore in the same quarter last fiscal.

The company's revenue from operations increased 184.94 per cent at Rs 175.88 crore in Q1 FY22, as compared to Rs 61.55 crore in Q1 FY21. The Board of Directors declared an interim dividend of 37.50 paisa (7.5 per cent) per equity share of face value of Rs 5 per share.

Akshay S Pitti, Vice Chairman and Managing Director of the company, said: "We are at the beginning of a multiyear growth cycle which we have not seen for the last three decades. We are seeing strong demand for our products and services across various applications from multiple end user industries including railways, steel, cement, sugar, power generation and urban mass transit to name a few."

"The de-risking of China centric global supply chain coupled with the progressive initiative of the Indian Government such as Make in India, Atmanirbhar Bharat and PLI Schemes, will create unprecedented growth opportunities for us," he added.

"As a result of the devastating second wave of Covid-19 that swept the country in Q1FY22, we incurred a revenue loss of about Rs 35 crore in the quarter on account of partial lock down in various states. However, the financial performance of the Company was resilient, and we managed to post revenues of Rs 175.38 crore with a net profit of Rs 7.40 crore. The company has an order book of about Rs 180 crore and order visibility of Rs 330 crore," Pitti informed.