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Pitti Engineering Limited - Q3 FY24 and 9M FY24 results

Posted On: 2024-02-09 23:14:59 (Time Zone: IST)

Pitti Engineering Limited, leading Engineering Company, has declared its financial results for the Q3&9MFY24 ended December 31, 2023.

Q3FY24 - Highlights

- Sales Volume is 10,572 MT as compared to 9,150 MT in Q3FY23; increased by 15.54% on YoY basis,

- Total Revenue in Q3FY24 was at ?296.92 crore, as compared to ?239.08 crore in Q3FY23, up by 24.19% on YoY basis,

- EBITDA was at ?44.09 crore as compared to ?38.82 crore in Q3FY23; registered a growth of 13.58% on YoY basis,

- PAT was at ?13.32 crore as compared to ?12.13 crore in Q3FY23, increase of 9.81 % on YoY basis

9MFY24 - Highlights

- Sales Volume is 30,870 MT as compared to 26,706 MT in 9MFY23; increased by 15.59%

- Total Revenue was at ?890.48 crore, as compared to ?854.68 crore in 9MFY23, up by 4.19%

- EBITDA was at ?129.07 crore as compared to ?110.83 crore in 9MFY23; registered a growth of 16.46%

- Net Profit grown by 46.59% to ? 49.84 crore as compared to ? 34.00 crore in 9MFY23

- The order book stands at ? 898 crore as on 31 December 2023

- For 9MFY24, EBIDTA stands at ?41,812/MT

- The expansion of our aurangabad facility is on track. The construction is estimated to be completed by March 2024. The installation and commissioning of equipment to take our lamination capacity to 72,000 MT will be completed by end of Q2FY25. Out of the approved capital expenditure, we spent Rs. ? 63.29 crore during the nine months of FY2024. We expect to further incur ~Rs. 40 crore by end of the financial year. The remaining would be spent in H1FY2025.

- The Company has filed the Scheme of Amalgamation with Stock Exchanges on 26th June 2023 and received their no objection on 26th October 2023. Currently the Scheme is pending approvals from NCLT, shareholders and creditors. We are confident of completing the merger process by mid of Q2FY25. The appointed date for the merger is 1st April 2023.

Commenting on the Results, Mr. Akshay Pitti, Vice Chairman & Managing Director said that, "We reported our highest sales volumes for any quarter in Q3FY24 at 10,572 MT, total sales upto December 2023 was 30,870 MT, this puts us on track for achieving our annual sales target of 42,000 MT for FY24.

We have a strong product development pipeline from existing customers which is further strengthened with new customer developments in sectors such as generators, automotive and railways. Based on these developments we are setting ourselves a sales target for sheet metal business of 50,000 MT for FY2025. The merger of the foundry will further add impetus to our machined components business thereby improving the margin profile of the company."

Shares of Pitti Engineering Limited was last trading in BSE at Rs. 668.50 as compared to the previous close of Rs. 674.60. The total number of shares traded during the day was 4725 in over 597 trades.

The stock hit an intraday high of Rs. 680.65 and intraday low of 663.25. The net turnover during the day was Rs. 3170638.00.

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