Pitti Engineering PAT was at Rs11.52 crore in Q3FY22

17 Feb 2022 , 03:09 PM

Pitti Engineering Ltd., leading Engineering Company, has declared its financial results for the Quarter ended December 31, 2021. Revenue from Operations was at Rs264.83 crore as compared to Rs151.32 crore in Q3FY21; registered a growth of 75.01%

EBITDA was at Rs34.28 crore, increased by 35.92% as compared to Rs25.22 crore in Q3FY21.  Blended EBITDA per MT was at Rs40128, up by 6.20% as compared to Rs37786 in Q3FY21.

Net Profit registered a growth of 58.68% at Rs11.52 crore in Q3FY22 as compared to Rs7.26 crore in Q3FY21.

Key Financials (Rs in crore)

Particulars	Q3FY22	Q3FY21	YoY (%)	9MFY22	9MFY21
Revenue from Operations	264.83	151.32	75.01	682.44	347.82
EBITDA	34.28	25.22	35.92	97.27	51.33
Blended EBITDA per MT (Rs)	40128	37786	6.20%	41749	34785
PAT	11.52	7.26	58.68	31.88	7.57

Operational Highlights

• The Company has received LOI for supply of stator and rotors from two reputed customers manufacturing e-bicycles and 2 wheelers in the EV space and has also received major approvals for certain products from Indian Railways having potential of high-volume runners in long run.
• The Company has also received a LOI and sample order for supply of components for power motors from a very well-established power tool manufacturer and bagged an order from TMEIC to supply stator assembly, complete rotor, diecast with shaft drop & air gap machined worth Rs15 crore and to supply of 3.4 MW wind generator stator and rotor assembly from Siemens Gamesa valuing about Rs13.5 crore.
• The global supply chain disruptions due to Omicron has delayed the supply of machinery from Europe, Japan and China which were expected during the December quarter. We expect the same to arrive in Q4 and available for production in Q1 FY23.
• Board of Directors have recommended 8% third interim dividend of face value of Rs5 per share, amounting to 40 paisa per share.

Commenting on the results, Mr. Akshay S Pitti, Vice-Chairman & Managing Director said, We are delighted to report a good set of numbers for the 9 months ending on December 31, 2021. The Indian economy has continued to show its resilience amongst the 3rd wave of Covid. The GDP growth rate forecast at 8% – 8.5% for FY23 by the Government remains highest in the major global economies. The growth focused Union Budget 2022 lays down a road map with historic allocations of Rs7.50 lakh crores capex for developmental projects. PM Gatishakti Master Plan, extension of date for setting up new units for availing lower income tax benefits, increased allocation for ECLGS, focus on productivity enhancement, measures to increase EV ecosystem, promotion of data centres and data localization, and announcement of additional Vande Bharat express trains etc. has laid out a path for long term sustainable growth for the country. We at Pitti Engineering are excited about various opportunities this will open for the Company to capitalize on.

The Company is experiencing a flow of new enquiries, new product developments and the conversion of the same in to LOI and the pilot production orders culminating into the commercial production orders in the new as well as the existing end user applications including EV, power tools, wind and hydro power, e-mobility, urban mass transportation, and data centres.

The Company’s total order book stands at Rs987 Crore. as on December 31, 2021.

The Company is also on track for its expansion plan in Aurangabad and has acquired adjoining land. The capex will be completed by the end of FY24 with the incremental capacity additions starting from Q1 FY23, Mr. Akshay S Pitti, Vice-Chairman & Managing Director said.