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Business Economy


COVID impact: Pitti Engineering Q1 net loss by Rs 9.78 cr

Hyderabad, Aug 13 (UNI) Pitti Engineering Ltd (formerly Pitti Lamination Limited), a leading Engineering Company's net loss by Rs 9.78 crore in Q1 June 30,2020 against corresponding period in previous year.

The revenue from operation also declined to Rs 61.55 crore during the quarter ended June ,2020 against Rs 149.69 crore in corresponding period in previous year, the company said in a statement here on Thursday.
Commenting on the Results, company Vice Chairman and Managing Director Mr. Akshay Pitti,said that, “Our operations were substantially impacted due to lockdown during the first quarter which resulted in decline in our revenues and profitability but looking at the near zero economic activity during the major part of the quarter, the impact can be said to be moderate. Further, considering the prevalence of normalcy in business environment, the Company expects to return to normal operating levels as its orders book continues to be robust.”
He said that, “The capex cycle and Investments are expected to see revival in the coming quarters which will drive the domestic and export demand for engineering products.”
The long-term order book with the company as of June 2020 stands at ₹ 600 crore other than the regular order book of ₹ 400 crores, which comprises of engineering products catering to user industries like Diesel and electric locomotives, data farms, consumer durables, renewable energy, power generation and off-highway vehicles, it said.
After reviewing the impact of COVID-19 on industry & company’s operations, the company is continuing with its capex plans of enhancing capabilities considering the opportunities in fabrication and shaft making, as per its strategy of vertically integrating multiple engineering processes for achieving higher value addition and also increasing automation for reducing labour dependence thus increasing operating margins. Total capex of ₹ 270 crores will be undertaken over next three years, the statement added.
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