Pitti Engineering stock tumbles 12% despite healthy Q1FY23 performance

11 Aug 2022 , 11:08 AM

Pitti Engineering Limited has announced to the exchanges its financial results for the Quarter ended June 30, 2022.

Q1FY23 – Financial Highlights

• Total Revenue was at Rs311.06 crores, as compared to Rs175.84 crore in Q1 FY22, registered a growth of 76.90%
• EBITDA was at Rs35.45 crore, as compared to Rs27.95 crore, registered a growth of 26.83% 
• EBITDA per ton stands at Rs40,539 during the quarter 
• Net Profit was at Rs11.71 crore, as compared to Rs7.36 crore in Q1FY22, grown by 0.59 times

Commenting on the results, Akshay S Pitti, Vice Chairman & Managing Director and Interim CFO, said that “We posted Rs311.06 crore total revenue which is the highest ever quarterly number in the Company’s history. 

PAT stood at Rs11.71 crore. The company added 4,200 MT sheet metal capacity taking total sheet metal capacity to 50,200 MT. Capacity utilization was healthy at 73.62% during the quarter. Rs948 crore was the forecast and order book as on June 30, 2022. The expansion remains on track for completion by March 2023.”

At around 11:07 AM, Pitti Engineering was trading at Rs314.75 per share lower by 12.04% as against previous closing of Rs357.85 per share on the BSE