Pitti Engineering has posted a profit of ₹21.21 crore for the fourth quarter ended March 31, 2021 as against ₹1.53 crore for the corresponding quarter of the previous fiscal.

The company logged in ₹170.34 crore revenue as against ₹112.95 crore for the fourth quarter of FY2021 registering a growth of over 50.81 per cent.

For the financial year ended March 31, 2021 the company posted a profit of ₹28.78 crore and revenue of ₹518.17 crore as against a profit of ₹17 crore and revenue of ₹525.06 core for FY 2020.

The company’s automated facility at Aurangabad set up in 2018 was awarded mega project status by the Maharashtra Government and has received approval of ₹21.66 crore and sanction of ₹16.25 crore as per the terms of the policy. This has been accounted for during Q4 FY21.

Akshay S Pitti, Vice Chairman & Managing Director, said, “We are very excited with the order flow we are witnessing for our engineering products from OEMs and other customers spread across the segments and we are confident of riding the upward curve in capital goods sector-specific to engineering products.”

Capex

As a part of the ₹270 crore capex, the company has started setting up truck frames manufacturing facility and expanding its laminations and machining capacity at Aurangabad. As a result, the lamination manufacturing capacity will increase from 36,000 MTPA to 46,000 MTPA and the machining capacity will increase from 2,47,600 machine hours to about 5,00,000 machine hours.

The company residual long-term order book as on March 2021 stands at about ₹600 crore.

Related Topics
comment COMMENT NOW