Pitti Engineering Q4FY23 PAT up by 25% to ₹ 24.83 crore

Net profit was at 58.83 crore, as compared to 51.89 crore in FY22, registered a growth of 13.35.Sales volumes on YoY basis increased to 36,297 MT as compared to 31,945 MT in FY22, grown by 13.62.

Board of Directors of the Company has recommended final dividend of ₹ 1.20 per share on a face value of ₹ 5 per share, amounting to total dividend of ₹ 2.70 per share for the year Hyderabad, May 30, 2023: Pitti Engineering Limited has reported fourth quarter net profit growth of 25.47% year on year basis to Rs. 24.83 crore.

For the quarter revenue from operations was at ₹ 247.51 crore, as compared to ₹271.39 crore in Q4 FY22, down by 8.80%. Net profit was at ₹ 24.83 crore, as compared to ₹ 19.79 crore in FY22, registered a growth of 25.47%.

For the full year FY23 Revenue from operations was at ₹ 1,100.17 crore, as compared to ₹ 953.82 crore in FY22, grown by 15.34%. Net profit was at ₹58.83 crore, as compared to ₹ 51.89 crore in FY22, registered a growth of 13.35%.

Sales volumes on YoY basis increased to 36,297 MT as compared to 31,945 MT in FY22, grown by 13.62%. Capacity utilisation during the quarter was at 74.14%, while EBIDTA per MT stands at ₹ 42,290.

Commenting on the Results, Mr. Akshay S Pitti, Vice Chairman & Managing Director said, “Pitti Engineering Limited has achieved exceptional milestones, recording its highest-ever annual revenue of ₹1,111.78 Crores with a YoY growth of 15.22%. Our annual EBITDA reached a record high of ₹ 151.39 Crores, reflecting a YoY growth of 14.14%, while the net profit surged to ₹ 58.83 Crore with a YoY growth of 13.35%. Progressing towards our goal of achieving a sheet metal capacity of 72,000 MT, we showcase our commitment to enhancing manufacturing capabilities.

With a robust demand outlook, diverse product offerings and expanding capacity, we are well-poised to seize future opportunities.” (Disclaimer: The above content is a press release and PTI takes no editorial responsibility for the same.).