Hyderabad, November 11th, 2023: Pitti Engineering Limited, leading Engineering Company, has declared its financial results for the Q2&H1FY24 ended September 30, 2023.
(₹ in crore)
| Particulars | Q2FY24 | Q2FY23 | YoY (%) | H1FY24 | H1FY23 | YoY (%) | |
| Total Revenue | 302.85 | 304.54 | -0.55% | 593.56 | 615.60 | -3.58% | |
| EBITDA | 42.56 | 36.55 | 16.44% | 84.99 | 72.01 | 18.03% | |
| PAT | 22.55 | 10.16 | 121.95% | 36.52 | 21.87 | 66.99% |
Q2FY24 – Highlights
- Sales Volume is increased to 10,340 MT as compared to 8,809 MT in Q2FY23; increased by 17.38%
- Total Revenue in Q2FY24 was at ₹ 302.85 crore, as compared to ₹ 304.54 crore in Q2FY23, down by 0.55% on YoY basis,
- EBITDA was at ₹ 42.56 crore as compared to ₹ 36.55 crore in Q2FY23; registered a growth of 16.44% on YoY basis,
- PAT was at ₹ 22.55 crore as compared to ₹ 10.16 crore in Q2FY23, increase of 121.95% on YoY basis
H1FY24 – Highlights
- Sales Volume is increased to 20,298 MT as compared to 17,556 MT in H1FY23; increased by 15.62%
- Total Revenue was at ₹ 593.56 crore, as compared to ₹ 615.60 crore in H1FY23, down by 3.58%
- EBITDA was at ₹ 84.99 crore as compared to ₹ 72.01 crore in H1FY23; registered a growth of 18.03%
- Net Profit grown by 66.99% to ₹ 36.52 crore as compared to ₹ 21.87 crore in H1FY23
Operational Highlights
- The order book stands at ₹ 716 crore as on 30 September 2023
- For H1FY24, EBIDTA stands at ₹ 41,869/MT, sales realisation stands at ₹ 2,85,779/MT
- ₹ 10.91 crore is recognised as incentive income from Maharashtra Govt in H1FY 24.
- Net debt stands at ₹ 291.15 crore
The Company has filed the Scheme of Amalgamation with Stock Exchanges on 26 June 2023 and received their no objection on 26 October 2023. Currently the Scheme is pending approvals from NCLT, shareholders and creditors.
Commenting on the Results, Mr. Akshay S Pitti, Vice Chairman & Managing Director said that, during the quarter the Company has achieved highest sales volume of 10,340 MT and registered highest ever EBITDA of ₹ 42.56 Crores.
Despite upcoming challenges and uncertainties on account of war, upcoming elections and other macro-economic factors, the Company remains positive for achieving our annual targets.