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Business News/ Brand Stories / Pitti Engineering Q4FY23 net up by 25% to Rs.24.83 crore

Hyderabad, May 30, 2023: Pitti Engineering Limited has reported fourth quarter net profit growth of 25.47% year on year basis to Rs. 24.83 crore.

For the full year FY23 Revenue from operations was at  1,100.17 crore, as compared to  953.82 crore in FY22, grown by 15.34%. Net profit was at  58.83 crore, as compared to  51.89 crore in FY22, registered a growth of 13.35%.

For the quarter revenue from operations was at  247.51 crore, as compared to  271.39 crore in Q4 FY22, down by 8.80%. Net profit was at  24.83 crore, as compared to  19.79 crore in FY22, registered a growth of 25.47%.

Board of Directors of the Company has recommended final dividend of 1.20 per share on a face value of 5 per share, amounting to total dividend of 2.70 per share for the year.

Sales volumes on YoY basis increased to 36,297 MT as compared to 31,945 MT in FY22, grown by 13.62%. Capacity utilisation during the quarter was at 74.14%, while EBIDTA per MT stands at  42,290.

Commenting on the Results, Mr. Akshay S Pitti, Vice Chairman & Managing Director, said that, “Pitti Engineering Limited has achieved exceptional milestones, recording its highest-ever annual revenue of  1,111.78 Crores with a YoY growth of 15.22%. Our annual EBITDA reached a record high of   151.39 Crores, reflecting a YoY growth of 14.14%, while the net profit surged to  58.83 Crore with a YoY growth of 13.35%. Progressing towards our goal of achieving a sheet metal capacity of 72,000 MT, we showcase our commitment to enhancing manufacturing capabilities.

With a robust demand outlook, diverse product offerings and expanding capacity, we are well-poised to seize future opportunities."

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same. 

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Updated: 30 May 2023, 07:07 PM IST
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