Pitti Engineering Limited, a prominent engineering company, has released its financial results for the second quarter (Q2) and first half (H1) of the fiscal year 2023-24 (FY24) ending on September 30, 2023. The key financial and operational highlights are as follows:
H1 FY24 (First Half of FY24):
- Total revenue for H1 FY24 amounted to ₹593.56 Crores, representing a decrease of 3.58% compared to the previous year.
- EBITDA (Earnings Before Interest, Tax, Depreciation, and Amortization) stood at ₹84.99 Crores, marking an 18.03% increase.
- Profit After Tax (PAT) reached ₹36.52 Crores, showing significant growth of 66.99% compared to the previous year.
Q2 FY24 (Second Quarter of FY24):
- Achieved the highest-ever sales volume of 10,340 Metric Tons (MT) during Q2 FY24, signifying a 17.38% increase compared to Q2 FY23.
- Total revenue for Q2 FY24 was ₹302.85 Crores, slightly down by 0.55% compared to Q2 FY23.
- EBITDA in Q2 FY24 reached ₹42.56 Crores, which is a 16.44% increase from Q2 FY23.
- PAT for Q2 FY24 amounted to ₹22.55 Crores, reflecting a substantial growth of 121.95% compared to Q2 FY23.
Operational Highlights:
- The order book as of September 30, 2023, stands at ₹716 Crores.
- In H1 FY24, the company’s EBIDTA reached ₹41,869/MT, and the sales realization was ₹2,85,779/MT.
- The company recognized ₹10.91 Crores as incentive income from the Maharashtra Government in H1 FY24.
- The net debt of the company stands at ₹291.15 Crores.
- The company has filed a Scheme of Amalgamation with stock exchanges on June 26, 2023, and received no objections from them on October 26, 2023. The scheme is currently awaiting approvals from the National Company Law Tribunal (NCLT), shareholders, and creditors.
Management Commentary
The company achieved several milestones during the quarter, including the highest sales volume of 10,340 MT and the highest-ever EBITDA of ₹42.56 Crores. Despite upcoming challenges and uncertainties related to factors such as war, elections, and macroeconomic conditions, the company remains optimistic about achieving its annual targets.
Subscribe To Our Free Newsletter |