Pitti Engineering Ltd. on Friday reported net profit for the third quarter grew 10% to ₹13.32 crore as compared with ₹12.13 crore in the year earlier period.
Total revenue for the quarter was at ₹296.92 crore, as compared with ₹239.08 crore in the year earlier period, up by 24.19%.
Sales volume grew to 10,572 MT as compared with 9,150 MT inQ3FY23; up by 15.54%.
Akshay Pitti, Vice Chairman & Managing Director said, “We reported our highest sales volumes for any quarter in Q3FY24 at 10,572 MT, total sales up to December 2023 was 30,870 MT, this puts us on track for achieving our annual sales target of 42,000 MT for FY24.”
“We have a strong product development pipeline from existing customers which is further strengthened with new customer developments in sectors such as generators, automotive and railways,” he said.
“Based on these developments we are setting ourselves a sales target for sheet metal business of 50,000 MT for FY2025. The merger of the foundry will further add impetus to our machined components business, thereby improving the margin profile of the company,” he added.