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Pitti Engineering has posted a profit of ₹10.09 crore for the second quarter ended Septemebr 30, 2020, up 43.9 per cent, as against ₹7 crore for the corresponding quarter of last year.
Revenue from operations was at ₹134.95 crore as compared to ₹144.51 crore in Q2 FY20, down 6.62 per cent.
The company’s residual long-term order book stands at about ₹600 crore. Newer industry segments like data centres and EV are expected to contribute significantly in orderbook of the company in the coming years.
Enhanced capacities will help the company in increasing its capabilities and market reach. Moreover, the company will also start in-house manufacturing of bought-out components and optimise its supply chain. The new expansion would result in further increased level of automation.
Sharad B Pitti, Chairman and Managing Director, said: “We have witnessed healthy growth momentum across the product segments led by further pick-up in operational activities and product dispatches. The investment and capex cycle to see a major revival in the coming quarters which would drive the demand for engineering products.”
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