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Pitti Engineering Ltd.

BSE: 513519 Sector: Engineering
NSE: PITTIENG ISIN Code: INE450D01021
BSE 00:00 | 20 Oct 169.80 -3.60
(-2.08%)
OPEN

173.00

HIGH

174.45

LOW

169.15

NSE 00:00 | 20 Oct 169.90 -3.40
(-1.96%)
OPEN

173.00

HIGH

174.50

LOW

168.75

OPEN 173.00
PREVIOUS CLOSE 173.40
VOLUME 61470
52-Week high 215.10
52-Week low 32.10
P/E 11.84
Mkt Cap.(Rs cr) 544
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 173.00
CLOSE 173.40
VOLUME 61470
52-Week high 215.10
52-Week low 32.10
P/E 11.84
Mkt Cap.(Rs cr) 544
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Pitti Engineering Ltd. (PITTIENG) - Company History

Incorporated as a private limited company on 17 Sep.'83 Pitti Laminations (PLL) commenced commercial production in Mar.'87. It was converted into a public limited company on 29 Dec.'92. PLL was promoted by Badrivishal Pitti Sharad Pitti and G Vijaykumar.Sharad B Pitti is Chairman and managing director of the company. The company is engaged in the manufacture of electric-grade steel stampings and laminations which form important components in motors rotors and other electrical components.The company came out with a public issue of 19 lac shares at a premium of Rs 10 per share aggregating Rs 3.80 cr in Jan.'94. The proceeds of the issue were utilised to part-finance the Rs 5.6-cr project to expand the company's product range of electrical-grade stampings. PLL has been awarded the ISO 9002 certification by Bureau Veritas Quality International (BVQI) for the manufacture of electrical stampings and die-cast rotors. The company's clientele includes prestigeous companies like Asea Brown Boveri Siemens GEC Kirloskar Crompton Greaves Bharat Bijlee etc.In 1994-95 PLL expanded its capacity to 4000 tpa. It has launched a second expansion programme to raise the capacity from 4000 tpa to 6000 tpa at an estimated cost of Rs 4.80 cr. The expansion scheme is designed to produce higher volumes of stampings of different diameters to serve the specific needs of the customers. It plans to integrate forward into the manufacture of die-cast rotors and wound stators. At the end of the financial year 1998-99 the company's accumulated losses exceeded its net worth therefore the company would be treated as a Sick Industrial Company under the provisions of the Sick Industrial Companies (special provisions) Act 1985.During the year 99-00 a growth of 18.76% was achieved in sales.In the year 2000 the BIFR has declared the company as Sick company and State Bank of IndiaIndustrial Finance Branch Hydrebad has been appointed as Operating agency.The company has registered a growth of 11.98% in the turnover during the year 2000-01.Therefore the turnover of the company is stood at Rs.2520.09 lakhs during the year 2001 as against Rs.2250.42 lakhs in the previous year.Though the improvement in sales volume is nominal larger revenue has derived from commercialization of tool room and relatively higher exports during the year.The company has registered a growth of 57.23% in the export segment.

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