Pitti Engineering bags new orders

Our Bureau | | Updated on: Feb 12, 2022
Akshay Pitti, Vice Chairman and Managing Director, Pitti Engineering

Akshay Pitti, Vice Chairman and Managing Director, Pitti Engineering | Photo Credit: Special arrangement

The company reported 71 per cent increase in December quarter net profit

Pitti Engineering, a leading Engineering Company, has received letter of intent for supply of stator and rotors from two reputed customers manufacturing e-bicycles and two-wheelers in the electric vehicle space.

It has also bagged major approvals for certain products from Indian Railways having potential to generate high-volume in long run, said the company.

This apart, it has received letter of intent and order for supply of sample components for power motors from a well-established power tool manufacturer.

Pitti has also bagged an order from TMEIC (Toshiba Mitsubishi-Electric Industrial Systems Corporation) to supply stator assembly, complete rotor, diecast with shaft drop and air gap machined worth ₹15 crore and supply of 3.4 MW wind generator stator and rotor assembly from Siemens Gamesa valued about ₹ 13.5 crore.

The company had reported 71 per cent increase in December quarter net profit at Rs 12 crore against Rs 7 crore logged in same period last year.

Revenue from operations was up at Rs 265 crore as (Rs 151 crore).

The global supply chain disruptions due to Omicron has delayed the supply of machinery from Europe, Japan and China which were expected during the December quarter. Some of the imports are expected to arrive in March and will be available for production in first quarter of next fiscal, said the company.

The Board has declared third interim dividend of 40 paise per share.

Akshay S Pitti, Vice-Chairman and Managing Director said the company is experiencing a flow of new enquiries and some of them are converted into LOI and the pilot production orders are culminating into the commercial production for existing end users including EV, power tools, wind and hydro power, e-mobility, urban mass transportation and data centres.

Extension of date for setting up new units for availing lower income tax benefits under PM Gatishakti Master Plan, increased allocation for ECLGS, focus on productivity enhancement, measures to increase EV ecosystem, promotion of data centres and data localisation will fuel growth for the company, he said.

The company’s total order book stands at ₹987 crore as on December-end.

The expansion plan in Aurangabad will be completed by end of FY24 with the incremental capacity additions starting from Q1 FY23.

Published on February 12, 2022
COMMENTS
This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you