Delivered robust growth in both revenue and profit after tax of the company during the quarter
Registered a growth of 79.50% in revenue to Rs.243.23 crore
Profit after tax was grown by 28.34% to Rs.12.95 crore
Hyderabad: Pitti Engineering Limited, leading Engineering Company, has declared its financial results for the Quarter ended September 30, 2021.
Key Financials (₹ in crore)
|Particulars||Q2FY22||Q2FY21||YoY (%)||H1FY22||H1FY21||YoY (%)|
|Revenue from Operations||242.23||134.95||79.50||417.60||196.50||112.52|
|EBITDA Margin (%)||14.47||17.81||–||15.08||13.29||13.47|
Q2FY22 – Financial Highlights
· Revenue from Operations has registered a growth of 79.50%, to Rs. 242.23 crore, as compared to Rs. 134.95 crore in Q2FY21
· EBITDA was at Rs. 35.04 crore as compared to Rs. 24.03 crore in Q2FY21; increased by 45.82%
· EBITDA Margin is 14.47% against 17.81% in Q2FY21
· Net Profit grown by 28.34% to Rs. 12.95 crore as compared to Rs. 10.09 crore in Q2FY21
H1FY22 – Financial Highlights
· Revenue from Operations has registered a growth of 112.52%, to Rs. 417.60 crore, as compared to Rs. 196.50 crore in H1FY21
· EBITDA was at Rs. 62.99 crore as compared to Rs. 26.11 crore in H1FY21; increased by 141.25%
· EBITDA Margin has improved to 15.08% from 13.29% in H1FY21
· Net Profit grown by 64.68 times to Rs. 20.36 crore as compared to Rs. 0.31 crore in H1FY21
The Company has increased its installed capacity to 41000 MT P.a. for Sheet Metal and 3,70,000 CNC hours p.a. for machining and shall complete its declared capex of Rs. 270 crore by end of FY24.
The order book and forecast stands at Rs. 984 crore as on September 20,2021.
There will not be major increase in our net long term debt due to capex as the company’s cash flow generation has taken the pace which has resulted in sufficient internal accruals
Company’s efforts in improving the working capital cycle is yielding the results and the company is confident of closely working with its customers to bring down the working capital requirement further during the year and years to come.
The demand for our product is increasing across all our user segments.
Board of Directors have recommended 8% second interim dividend of face value of Rs. 5 per share, amounting to 40 paisa per share
Commenting on the Results, Mr. Akshay Pitti, Vice Chairman & Managing Director, said that, The country has emerged from the pandemic more resilient than ever, and we see infrastructure investment by the Government and Private Sector CAPEX like never before.
Consequently, we are delighted to report that the Company has recorded the highest ever quarterly numbers across all key performance indicators such as Sales, EBIDTA & PAT (excluding other income).
The Board, considering the Company’s capital requirement and the record performance for the quarter, has decided to distribute an interim dividend of 8% per share of face value of Rs. 5.
The Company is in the midst of its CAPEX cycle. Our Capacities are modularly expandable. Therefore, we see our business growing continuously every quarter over the next 18 months.
In the first half of 2022, the Company has developed products for certain applications such as Gamesa 3.4MW Wind Generator, Siemens 4.5MW Compact Hydro Generator, Mitsubishi Metro Rail Motors amongst others, which will add ₹ 45 Cr. of potential revenue in the future.
I see buoyant demand from all our key end-user segments. The order book & forecast stands at ₹ 984 Cr.