Pitti Engg Q4 PAT grows 13%

Hyderabad: Pitti Engineering Limited has reported 13.35 per cent rise in profit after tax (PAT) at Rs 24.83 crore in January-March quarter (Q4) of financial year 2022-23 as against Rs 19.79 crore in the corresponding quarter last fiscal. However, its revenue from operations came down by 8.80 per cent to Rs 247.51 crore in Q4 FY23 when compared to Rs 271.39 crore in Q4 FY22.

The revenue from operations grown up 15.34 per cent at Rs 1,100.17 crore during FY23, over Rs 953.82 crore in the previous fiscal. The net profit increased 13.35 per cent to Rs 58.83 crore, as compared to Rs 51.89 crore in FY22. The sales volumes on YoY basis increased 13.62 per cent to 36,297 MT in FY23 as against 31,945 MT in FY22. The capacity utilisation is at 74.14 per cent for Q4. Akshay S Pitti, Vice Chairman & Managing Director of the company, said: “Pitti Engineering has achieved exceptional milestones, recording its highest-ever annual revenue of Rs 1,111.78 crore with a YoY growth of 15.22 per cent. Annual EBITDA reached record high of Rs 151.39 crore, reflecting a YoY growth of 14.14 per cent, while net profit surged to Rs 58.83 crore with a YoY growth of 13.35per cent.”

He further said, “Progressing towards our goal of achieving a sheet metal capacity of 72,000 MT, we showcase our commitment to enhancing manufacturing capabilities. With a robust demand outlook, diverse product offerings and expanding capacity, we are well-poised to seize future opportunities.”