Pitti Engineering net profit dips slightly to Rs 20 cr in Q4, jumps 80% to Rs 52 cr

Total revenue in the quarter rose to Rs 286.46 crore, from Rs 170.34 crore in the same period a year ago

AgenciesUpdated: Tuesday, May 24, 2022, 04:23 PM IST
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The net profit of the company stood at Rs 21.21 crore in the corresponding quarter a year ago, a company statement said./ Representative image | Photo credit: IANS

Pitti Engineering on Tuesday said its net profit dipped slightly to Rs 20.01 crore in the quarter ended March 31, 2022.

The net profit of the company stood at Rs 21.21 crore in the corresponding quarter a year ago, a company statement said.

Total revenue in the quarter rose to Rs 286.46 crore, from Rs 170.34 crore in the same period a year ago.

During the fiscal 2021-22, the net profit of the company rose by over 80 per cent to Rs 51.89 crore, compared to Rs 28.78 crore in 2020-21.

Total revenue in the fiscal rose to Rs 953.82 crore, from Rs 518.17 crore in 2020-21.

Akshay S Pitti, Vice Chairman & Managing Director and Interim CFO said the firm has posted its best ever annual numbers across all performance parameters in FY2022.

He informed that the board has recommended a final dividend of 85 paise (17 per cent) per share, subject to shareholders' approval.

Total dividend pay-out for the year including interim dividends is Rs 2.025 (40.50 per cent) per share, which is 12.50 per cent of PAT (profit after tax or net profit).

During the year, the company added 40,400 machine hours and 6,400 MTs (metric tonnes) to its sheet metal capacity. This represents a growth of 11.14 per cent in machine shops and 16.16 per cent in sheet metal capacities.

The board has also approved Rs 197 crore capex to enhance the sheet metal capacity to 72,000 MT and machine hours to 6,48,000.

In Q4, the firm developed various machine components for off-highway application and locomotive application and other machined parts for locomotives with an annual revenue potential of Rs 95 crore.

These developments will start contributing meaningful revenue from H2FY23 (first half of FY'23).

''Despite the headwinds induced by geopolitical situation, supply chain disruptions and inflationary commodity pressures our order book and forecast continues to remain buoyant at Rs 1,078 crore as on 1st April 2022,'' Pitti stated.

Pitti Engineering Limited (Formerly Pitti Laminations Limited), is the leading manufacturer of Electrical Steel Laminations, Sub-Assemblies for Motor Cores and Sub-Assemblies for Generators, Die-Cast Rotors and Machining of Metal Components.

(With PTI inputs)

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