Pitti Engineering, a leading manufacturer of Electrical Steel Laminations, sub-assemblies for Motor and generator cores, and Fabricated parts and shafts has reported a 60 per cent rise in net profit to ₹40 crore in the March quarter of FY24 against ₹25 crore logged in the same period last year on back of better realisation.

Income increased to ₹359 crore (₹263 crore) in the quarter under review. EBITDA was up 20 per cent at ₹49 crore (₹41 crore).

The board has recommended a dividend of ₹1.50 per equity share. The company plans to raise ₹360 crore through the issuance of debentures to fuel further growth.

In the financial year ended March, the company’s net profit jumped 53 per cent to ₹90 crore (₹59 crore). Revenue from operations was at ₹1,245 crore (₹1,118 crore). EBITDA was up 17 per cent to ₹178 crore (₹151 crore).

Sales volume was up 17 per cent last fiscal to 42,305 tonne (36,297 tonne) and logged capacity utilisation for Sheet Metal to 73 per cent with machine hours of 90 per cent. EBIDTA per tonne was at ₹42,008.

Akshay S Pitti, Vice Chairman and Managing Director said the company recorded all-time high revenues, profitability and sales volume last fiscal. In the current quarter, he said the company had received an incentive of ₹30 crore under the Maharashtra State Industrial Promotion Scheme.

The company supplies a wide range of products to vastly diversified end-user segments such as Railways, Mass Urban Transport, Hydro & Thermal Generation, Windmill, Mining, Cement, Steel, Sugar, Construction, Lift Irrigation, Appliances, Medical Equipment, Oil & Gas and several other industrial applications. The company’s products are used in almost every rotating electrical equipment.

Shares of the company were up three per cent at ₹876 on Wednesday.