Pitti Engineering shares hit new high after stellar Q1; up 89% in 6 months

Pitti Engineering’s stock surged up to 5.90 per cent, at Rs 1,378.90 per share on the NSE in Friday’s intraday trade. This came after the company reported its quarterly earnings for the first April-June of the financial year 2024-25 (Q1FY25)

Pitti Engineering reported a 47 per cent increase in net profit for the June quarter, rising to Rs 21 crore from Rs 14 crore in the same period last year, driven by strong demand. Revenue grew by 33 per cent to Rs 387 crore, up from Rs 291 crore. Earnings before interest tax depreciation and amortisation (Ebitda) also increased by 33 per cent to Rs 56 crore, compared to Rs 42 crore. 

The company sold 14,992 tonnes of rotating electrical equipment during the quarter. Pitti Engineering further expects its capex expansion to be completed by the end of September as planned, with machine commissioning already underway. The installed consolidated capacity is set to rise by 16,000 metric tonne (MT) to 90,000 MT.

“We achieved the highest ever sales volume for a quarter at 14,992 MT, solidifying our position as the largest manufacturer of laminations in India. The expansion plan is on track for commissioning by the end of September. We continue to see robust demand from almost all our end markets. On the back of strong performance in Q1 coupled with the enhanced capacities & acquisitions I believe that we are well positioned to surpass our annual targets.”  

The company has total market capitalisation of Rs 4,785.80 crore. Its shares are trading at a price to earnings multiple of 47.71 times. The share price of the company has zoomed 89 per cent year to date, while it has gained 167 per cent in the last one year.

At 01:54 PM; the stock of the company was trading 3.64 per cent higher at Rs 1,349.45 per share on the NSE. By comparison, the NSE Nifty50 rose 1.45 per cent at 24,492 levels. 

Pitti Engineering manufactures iron and steel engineering products, including electrical steel lamination, die-cast rotors, and machined and fabricated parts. Its products serve diverse sectors, such as power generation, wind energy, mining, cement, construction, rail, e-mobility, medical equipment, and oil and gas.