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Business EconomyPosted at: Nov 14 2024 7:19PM


Pitti Engineering consolidated Q2 net up 72.74 pc at Rs 38.02 crore

Hyderabad, Nov 14 (UNI) Pitti Engineering Limited, a leading Engineering Company, on Thursday said that its consolidated net profit was up by 72.74 percent at Rs 38.02 crore for the second quarter ended September 30, 2024 as compared to Rs 22.01 crore in Q2FY24.
The consolidated total Income during the quarter increased 44.39 percent to Rs 455.25 crore, as compared to Rs 315.30 crore in the corresponding period in the previous year, the company said in a release here.
The company sales volume during the quarter increased to 16,300 MT as compared to 10,340 MT in Q2FY24; which increased by 57.64 percent on YoY basis
However , in H1FY25, the net profit stood at Rs 57,38 crore as compared to Rs 27.99 crore, up by 105 percent on Y-o-Y basis while the total income during the half year was Rs 850.06 crore as compared to Rs 620.04 crore in H1FY24, registered a growth of 37.10 percent.
During the quarter, the Company raised equity of ₹ 35,999.99 lakhs through Qualified Institutional Placement, which was fully utilized towards the Objects as stated in the Placement Document.
On July 25, 20204, the Company acquired 100 percent of equity shares of Dakshin Foundry Private Limited, making it a Wholly-owned Subsidiary (WoS).
Commenting on the Results, Akshay S Pitti, MD & CEO said, “We have delivered the best performance across every metric during the first half of the year. We are confident of further improving our financial and operating performance, as we continue to derive synergies and integrate the operations of our strategic acquisitions and amalgamations.”
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