Pitti Engineering has posted a profit of ₹7.26 crore, up 78.8 per cent for the third-quarter ended December 31, 2020 as against ₹4.06 crore for the corresponding quarter of previous year.
The company’s third-quarter revenue was at ₹151.32 crore, up 28.32 per cent over ₹117.92 crore for the same period last year.
For nine months ended December 2020, the company posted a lower profit of ₹7.57 crore as against ₹15.56 crore and revenue was also lower at ₹347.82 crore as against ₹412.12 crore.
The company has a residual long-term order book stands of ₹600 crore. Based on current market outlook and as announced earlier, the company is proceeding with its capex plans to enhance its capacities, modernise its plants with increased levels of automation as well as adding new capabilities and product offerings.
Sharad B Pitti, Chairman & Managing Director, said, “We continue to witness a sharp recovery in demand for our products and customers have indicated that the increased demand will continue for the foreseeable future. The company has been continuously investing and expanding product offering, focusing on value added products and vertically integrating supply chains.”