In spite of the recent difficulties due to the Covid-19 pandemic, Pitti Engineering is set to go ahead with its total ₹270-crore capex plans at its Aurangabad and Hyderabad plants.

The board, at its meeting recently, approved the expansion plan to enhance its installed capacity from the existing 36,000 MT to 46,000 MT for sheet metal components and from 2,47,600 hours to 4,05,600 hours for machining.

The ₹270-crore investment will be made at both the facilities considering the opportunities in fabrication and shaft-making segments and to meet the demand over the next three years.

Financial results

After declaring the company results, Akshay Pitti, Vice-Chairman and Managing Director, said: “We have witnessed marginal de-growth during the current year (fourth quarter), due to our inability to deliver finished goods to our customers on account of lockdown imposed in the second half of the March. Our operations are marginally impacted by Covid-19 outbreak and lockdown but orders are intact as majority of them are long-term in nature.”

During the fourth quarter, the company closed with revenues of ₹112.95 crore and profit of ₹1.53 crore; and the financial year ended March 31, 2020 with a revenue from operations of ₹525.06 crore and profit after tax was of ₹17.10 crore.

The company’s residual long-term order book as on March 2020 stands at ₹600 crore and comprises engineering products catering to user industries such as diesel and electric locomotives, data farms, consumer durables, renewable energy.

The company’s products include power systems for data firms, propulsion systems for electric vehicles, various sub-assemblies for intercity passenger and freight movement components for mass urban transit systems and from the renewable energy segment.

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