Pitti Engineering reported a 59 per cent increase in net profit to ₹12 crore in the June quarter against ₹7 crore logged in the same period last year, on higher demand.
Revenue increased 77 per cent to ₹311 crore (₹176 crore) while EBITDA was up 27 per cent to ₹35 crore (₹28 crore).
Akshay S Pitti, Managing Director and interim CFO, said the company has added 4,200 tonnes of sheet metal capacity taking total sheet metal capacity to 50,200 tonne.
Capacity utilisation was healthy at 74 per cent during the quarter under review. The company’s order book was at ₹948 crore as of June-end. It expects to complete the ongoing expansion project by next March.
Pitti Engineering is a leading manufacturer of electrical steel laminations, sub-assemblies for motor and generator cores, die-cast rotors and machined casted and fabricated parts and shafts.
The company supplies a wide range of products to diversified end-user segments such as Railways, Mass Urban Transport, Hydro and Thermal Generation, Windmill, Mining, Cement, Steel, Sugar, Construction, Lift Irrigation, Appliances, Medical Equipment, Oil and Gas and various several other industrial applications.
Shares of the company were down one per cent at ₹356 on Wednesday.