Pitti Engineering Limited Announced Q2FY19 Results
Total Comprehensive Income Y-o-Y growth up by 107.73 %
Deepthi | Myequity news | Date : 15-10-2018 16:55:00 IST
Pitti Engineering Limited, formerly known as Pitti Laminations Limited, announced a robust growth for the quarter ending September 30, 20 18. The company reported a Total Comprehensive Income of INR 8.06 crore for Q2 FY19, up by 107.73%, as compared to INR 3.88 crore in the corresponding quarter of last fiscal.
Total Income for the quarter ended September 30, 2018 stood at INR 175.32 crore, up by 108.44 %, as compared to INR 84.11 crore in the same period last year. PITTI’s earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) in Q2FY19 stood at INR 25.95 crore, up by 110.46% YoY. About PITTI Engineering Limited:
Total Income for the H1 ended September 30, 2018 stood at INR 306.30 crore, up by 67.00 %, as compared to INR 183.41 crore in the H1 ended September 30, 2017. PITTI’s Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) in Q2FY19 stood at INR 14.65 crore, up by 1.13% YoY
Mr. Akshay S. Pitti, Vice- Chairman & Managing Director elaborating on the strong growth said “this robust performance is driven by an uptick in demand and also by the contribution from our new manufacturing facility at Aurangabad. The outlook remains robust for the next six to eight quarters as we foresee the demand for our products remaining strong from sectors like the Railway Locomotives (goods, passenger & urban metro), Industrial Moors, Infrastructure, Consumer Durables, Off-highway Electric Vehicles (used in the mining sector), Power etc. We have been very agile and responsive in terms of understanding the demands and needs of our customers. We have also added a few large marquee names to our customers’ list.”
Pitti Engineering Limited (PEL), is a Hyderabad headquartered manufacturer of Stator & Rotor Core Assemblies, Die Cast Rotors & Assemblies, Traction Motors, Casting & High Precision Machine Components, Pole Assemblies, Specialized Electrical Steel Laminations, etc. PEL caters to industries like transportation (rail, road & off highway), power generation, aerospace, oil & gas, mining, earth moving and others. The company supplies the full assemblies and sub-assemblies right from casting, high precision machining, laminations, fabrication, etc. The company also manufactures special purpose lamination and stampings for all types of rotating electrical machinery, motor cores, sub-assemblies, die cast rotors and press tools.