Pitti Engineering Q3 Results: Net profit up 83% to ₹29 cr on better realisation

Pitti Engineering has reported that its net profit in the December quarter was up 83 per cent at ₹29 crore against ₹16 crore logged in the same period last year, on better realisation.

Income increased 38 per cent to ₹421 crore (₹305 crore).

EBITDA jumped 30 per cent to ₹67 crore (₹51 crore).

Net debt was at ₹433 crore as of December-end.

Akshay S Pitti, MD & CEO, said the company has started reaping the initial benefit of synergy from the recent acquisitions even as integration is still in the process.

“We expect our machined components business to grow rapidly next fiscal and improve our margin profile,” he added.

• Also read: Carborundum Universal records Q3 consolidated net profit at ₹37.61 crore

The company’s net profit in the first three quarters of this fiscal increased 97 per cent to ₹86 crore (₹44 crore) while income was up 37 per cent to ₹1,271 crore (₹925 crore). EBITDA increased 48 per cent to ₹191 crore (₹129 crore).

Pitti Engineering specialises in the manufacturing of a wide range of products such as electrical steel laminations, motor cores, sub-assemblies, die rotors and press tools and are the market leader in lamination vertical, which is part of the rotating electrical equipment.

The company supplies a wide range of products under its rotating electrical equipment and machined components to diversified industries such as renewable energy, power generation, automotive, data centre generators, automotives, special purpose motors and mining.