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Business EconomyPosted at: Oct 30 2020 9:17PM


Pitti Engineering net up 43.94 pc to Rs 10.09 cr in Q2 FY21

Hyderabad, Oct 30 (UNI) Pitti Engineering, formerly Pitti Laminations, on Friday posted a profit of Rs 10.09 crores for the Second quarter ended September 30, 2020, registered a growth of 43.94 per cent against a profit of Rs 7.01 crore for the corresponding quarter last year.
Revenue from operations posted at Rs 134.95 crore during the quarter against Rs 144.51 crores for the corresponding quarter in the previous year, the Company said in a statement here.
However, for the Half year ended September 30, 2020, the company’s profit posted to 0.31 crore against a profit of Rs 11.50 crore for the corresponding period in previous fiscal.
The newer industry segments like data centers and EV are expected to contribute significantly in orderbook of the company in the coming years.
As announced earlier, enhancement in capacities will help the company in increasing its capabilities and market reach of its products. Moreover, the company will also start in-house manufacturing of bought out components and optimize its supply chain.
The new expansion would result in further increased level of automation at our plants there by reducing dependence on labour, which would in turn results in better operating margins and thus profitability, it said.
Commenting on the Results, Company Chairman and Managing Director Mr. Sharad B Pitti, said that, “We have witnessed healthy growth momentum across the product segments led by further pick-up in operational activities and product dispatches. Operational performance during the quarter has been good as per our targets. With value addition, we have been able to improve the margins and profitability during the quarter.”
We believe that the investment and capex cycle to see a major revival in the coming quarters which would drive the demand for engineering products, he said.
The pipe-line stock are exhausted and tremendous order flow is expected to just meet the current demand in capital goods sectors especially in high value-added products, wherein we have a presence, he added.
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Tags: #Pitti Engineering net up 43.94 pc to Rs 10.09 cr in Q2 FY21
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