Pitti Engineering’s net profit more than doubled to ₹23 crore in the September quarter against ₹10 crore logged in the same period last year.

Revenue was down marginally at ₹303 crore (₹305 crore). Sales volume increased 17 per cent to 10,340 tonne (8,809 tonne). It registered the highest-ever EBITDA of ₹43 crore (₹37 crore), which was up 16 per cent year-on-year.

The company’s order book was at ₹716 crore as of September-end. The Maharashtra Government has recognised an incentive income of ₹11 crore in the first half of this fiscal.

Net debt was at ₹291 crore. The companyfiled the Scheme of Amalgamation with stock exchanges in June and received their no objection last month. Currently, the Scheme is pending approvals from NCLT, shareholders and creditors.

Akshay S Pitti, Vice-Chairman, said the company is positive on achieving the annual targetsdespite challenges and uncertainties on account of war, upcoming elections and other macro-economic factors.

Pitti Engineering is the leading manufacturer of electrical steel laminations, sub-assemblies for motor and generator cores, die-cast rotors and machined-casted & fabricated parts and shafts.

The company supplies a wide range of products to diversified end-user segments such as freight and passenger rails, mass urban transport, hydro & thermal generation, windmill, mining, cement, steel, sugar, construction, lift irrigation, appliances, medical equipment, oil & gas and several other industrial applications.