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Pitti Engineering Q1 net up 19% on lower cost

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Pitti Engineering has reported that its net profit in the June quarter was up 19 per cent at Rs 14 crore against Rs 12 crore logged in the same period last year, on lower cost and better margin.

Income was down at Rs 291 crore (Rs 311 crore). Expenses dipped to Rs 272 crore (Rs 296 crore). It registered the highest-ever EBITDA of Rs 42 crore (Rs 35 crore), an increase of 20 per cent.

The company achieved a sales volume of 9,958 tonnes in the quarter under review, and the market outlook remains positive with robust demand for products and services, it said.

Akshay S Pitti, Vice Chairman and Managing Director, said the brownfield expansions at Aurangabad and Hyderabad remain on track.

The marginal de-growth in revenues was on account of a reduction in the cost of raw materials. The demand outlook and volumes in the second quarter are very encouraging and the company is on track to achieve guidance on both volumes and profitability for the year, he added.   





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