Pitti Laminations Q2 FY2018 Results Announcement
Author(s): City Air NewsHyderabad, December 14, 2017: Pitti Laminations Limited, (BSE: 513519, NSE: PITTILAM), a Manufacturer & India’s only end-to-end product and service provider in the Electrical Lamination Segment and a One Stop Solution...
Hyderabad, December 14, 2017: Pitti Laminations Limited, (BSE: 513519, NSE: PITTILAM), a Manufacturer & India’s only end-to-end product and service provider in the Electrical Lamination Segment and a One Stop Solution Provider for critical sectors. It announced it’s Standalone Un-Audited Results for the Quarter and Half Year ended 30th September, 2017.
Commenting on the performance and outlook, Mr.Akshay S Pitti, Vice Chairman & Managing Director of Pitti Laminations said:
“Continuing on the growth momentum we gained during last few quarters, the Company recorded a robust performance during the quarter supported by various operational and strategic initiatives we started in past. Profitability during the quarter trebled compared to same period last year. Improved price realization and better product mix resulted in significant improvement in the profitability. This performance was achieved despite a decline in domestic volume by 8.7% primarily due to initial hick-ups because of implementation of GST.
Our various expansion plans including shifting Pune plant to Aurangabad are on verge of completion. We have completed trial production at Aurangabad Plant and it is expected to start operations soon. Our Plant IV in Hyderabad has started commercial production and will contribute meaningfully to the business in H2 FY 2018.
Going forward during the year, with longstanding business relations and Best-in-Class Quality Standards, we are optimistic about signing new contracts.”