It is obviously profit booking at play on the counter of Pitti Engineering. The stock opened almost 4% lower at Rs.265 and went down to an intraday low at Rs.251, decline of almost 9%. Last month the stock had hit a new high at Rs.299.
The company, on a 75% (YoY) rise in revenue from operations at Rs.265, posted a 71% increase in net profit at Rs.12 crore.
Apart from the good performance, it announced receipt a LoI for supply of stator and rotors from two reputed customers manufacturing e-bicycles and two-wheelers in the electric vehicle space.
The company also got major approvals for certain products from Indian Railways having potential to generate high-volume in long run.
It also bagged an order from TMEIC (Toshiba Mitsubishi-Electric Industrial Systems Corporation) to supply stator assembly, complete rotor, diecast with shaft drop and air gap machined worth Rs.15 crore and supply of 3.4 MW wind generator stator and rotor assembly from Siemens Gamesa valued about Rs.13.5 crore.
The company said that global supply chain disruptions due to Omicron delayed the supply of machinery from Europe, Japan and China which were expected during the December quarter. It expects the same to arrive in Q4 and available for production in Q1 FY23.
The C=company’s total order book stands at Rs.987 crore as on December 31, 2021 and is also on track for its expansion plan in Aurangabad and has acquired adjoining land. The capex will be completed by end of FY24 with the incremental capacity additions starting from Q1 FY23.