Pitti Engineering Q2 PAT declines 22%

Pitti Engineering Ltd. reported second quarter net profit fell 22% to ₹10.15 crore from the year ago period. Revenue from operations grew 25.57% to ₹304.17 crore from ₹242.23 crore in the year earlier period. Capacity utilization was at 71.29% during the quarter and the order book stood at ₹881 crore as on September 30, 2022 Akshay Pitti, Vice Chairman & Managing Director and Interim CFO, said “Supply chain challenges are easing across the value chain, both for inward and outward ward materials.”

“This coupled with softening of raw material prices will result in lower inventory levels and working capital requirements, reducing our net debt level significantly over the next couple of quarters,” he said. “We are seeing resilient demand for our products across most of our end user industries despite global macro-economic headwinds. Our developmental orders pipeline is continuously growing with increasing contribution from Railways, Renewable Energy and Electric Vehicles related products,” he added.

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