Pitti Engg Q1 profit up 19.30% at `13.97 crore

Hyderabad City-based lamination manufacturer and exporter Pitti Engineering Limited on Friday declared its financial results for the first quarter of financial year 2024, ended June 30, 2023. The company reported net profit of Rs 13.97 crore, clocking a growth of 19.30 per cent, as compared to Rs 11.71 crore in the same quarter last year. However, the total revenue was down by 6.54 per cent, to close at Rs 290.71 crore, as compared to Rs 311.06 crore in Q1 FY23.

“The marginal de-growth in revenues were on account of reduction in cost of raw materials. The demand outlook and volumes in the second quarter are very encouraging and we are on track to achieve our guidance on both volumes and profitability for the year,” said Akshay S Pitti, Vice Chairman and Managing Director, Pitti Engineering Limited.

On a positive market outlook with robust demand for the products and services, Pitti said it achieved sales volume of 9,958 MT in Q1 FY24. EBITDA was at Rs 42.43 crore, as compared to Rs 35.45 crore, registering a growth of 19.69 per cent. The Vice-CMD further said, “Pitti Engineering has achieved an exceptional milestone by recording its highest-ever EBITDA. Our blended EBITDA was at Rs 42,607 per MT. On the capex side, the brownfield expansions at Aurangabad and Hyderabad remain on track.”