Pitti Engineering shares jump 6% to hit 52-week high after strong Q1 results; check details

Pitti Engineering has reported a sharp 47.10% year-on-year spike in its net profit at ₹20.55 crore in the June 2024 quarter, compared to ₹13.97 crore in the year-ago period.

Pitti Engineering's total income rose 33.02% to ₹386.71 crore in the June quarter compared to ₹290.71 crore in the corresponding period of the previous fiscal.

The consolidated EBITDA grew 32.81% YoY to ₹56.35 crore compared to ₹42.43 crore in Q1FY24.

The stock opened higher at ₹1,333.9 apiece on the NSE and gained further to hit the day's high.

Pitti Engineering sold 14,992 metric tons (MT) of rotating electrical equipment in Q1 FY25, with a positive market outlook driven by strong demand.

The company’s ongoing capex expansion, expected to be completed by September 2024, will increase the production capacity by 16,000 MTPA, bringing it to 72,000 MTPA on a standalone and 90,000 MTPA on a consolidated basis.

Commenting on the results, Akshay S. Pitti, Managing Director & Chief Executive Officer said, “I am delighted that the company reported the highest ever sales and EBITDA for a quarter in Q1FY25. The expansion plan is track for commissioning by the end of September. We continue to see robust demand from almost all our end markets. On the back of strong performance in Q1 coupled with the enhanced capacities & acquisitions I believe that we are well positioned to surpass our annual targets.”

Shares of Pitti Engineering Ltd. closed the session 3.84% higher at ₹1,352 apiece on the NSE after a minor correction from the day's higher levels.

The stock has traded with an upward momentum, gaining over 108% in the last 6 months and more than 168% over the year.