Pitti Engineering hits 52-week high on robust FY24 profits, up 55% YoY

Shares of Pitti Engineering surged up to 4.3 per cent at Rs 1205.75 per share on the BSE in Tuesday's intraday trade

Shares of Pitti Engineering surged up to 4.3 per cent, hitting its 52-week high at Rs 1,205.75 per share on the BSE in Tuesday’s intraday trade. The stock price soared after the company on Monday delivered its financial performance for fiscal year 2023-24 (FY24).

The company’s revenue from operations soared to Rs 120.1 crore in FY24, rising by 9 per cent from Rs 110 crore in FY23. The company’s profit after tax also surged by 55 per cent to Rs 9 crore during the fiscal under review from Rs 5.8 crore in the previous fiscal.

The company’s total expenses rose to Rs 112 crore in FY24 from Rs 103 crore in FY23, an increase of 8.7 per cent year on year. 

On Monday the company also announced that its board has approved raising of funds through the launch of a qualified institutional placement (QIP). The company aims to raise Rs 360 crore through the QIP at a price of Rs 1,054.25 per share.

The smallcap firm has a total market capitalisation of Rs 3,783.19 crore with its shares currently trading at a price to earnings multiples of 41.05. The earning per share of the company stood at Rs 28.14, BSE data showed. 

At 11:43 AM; the stock of the company gave up some of its gains and was trading 2.18 per cent higher at Rs 1,180.40 per share on the BSE. In comparison the BSE Sensex rose 0.35 per cent to 80,239 levels.