Aug 14: PITTI Engineering Ltd, formerly (Pitti Laminations Ltd) has announced 66.67% growth in comprehensive income for Q1FY19 at Rs 4.15 cr compared to Rs 2.49 cr in the corresponding quarter.Total Income for the quarter ended June 30, 2018 stood at ₹ 130.98 crore, up by 31.92 %, as compared to ₹ 99.29 crore in the same period last year. PITTI’s Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) in Q1FY19 stood at ₹ 18.91 crore, up 51.77% YoY.
Mr. Sharad B. Pitti, Chairman & Managing Director of the Board of Pitti Engineering Limited, briefing on the robust performance explained, “With capital goods manufacturing picking up, Pitti Engineering Limited (PEL) is well placed to exploit the uptrend and as well sustain the margins growth. We are positive that this outlook will continue for the next six to eight quarters as well.”
PEL’s strengths also lies in its capabilities to design a process, its in-house tool manufacturing and its tools library helps in a quick turnaround time for its customers by way of a better supply chain management, shorter lead time, fewer vendor tracking and thus making the entire process cost and time efficient for the customer, according to Akshay S Pitti, Vice Chairman and MD.
“PEL has a strong presence in industries like railways, electric vehicles, industrial motors, aerospace, power (generation & consumption), mining, infrastructure, consumer durables, oil & gas etc, and we see a momentum picking up in these sectors.” said Mr. Akshay S Pitti.