Pitti Engineering has reported that its net profit in the June quarter was up 47 per cent to ₹21 crore against ₹14 crore logged in the same period last year, on strong demand.
Revenue was up 33 per cent to ₹387 crore (₹291 crore). EBITDA increased 33 per cent to ₹56 crore (₹42 crore).
The company registered sales volume of 14,992 tonne of rotating electrical equipment in the quarter under review. It expects capex expansion to be completed by September-end as planned, and the commissioning of machines has started. The installed consolidated capacity will increase by 16,000 mtpa to 90,000 mtpa.
Akshay S Pitti, Managing Director & Chief Executive Officer, Pitti Engineering, said the highest-ever sales volume in the quarter will solidify the company’s position as the largest manufacturer of laminations in India. “We continue to see robust demand, and with the enhanced capacities and acquisitions, I believe that we are well positioned to surpass our annual targets,” he added.