Q3 2025 Pitti Engineering Ltd Earnings Call Transcript
Key Points
- Pitti Engineering Ltd (BOM:513519) registered the highest volumes for machine components in the company's history during Q3 FY25.
- The company developed and started commercial supplies for parts used in hydrogen electrolyzers, indicating a diversification into new markets.
- Revenue from operations for the quarter was INR414.98 crores, up by 37.46% on a YoY basis, showcasing strong financial growth.
- EBITDA for the quarter stood at INR66.95 crores, registering a growth of 30.05%, with an EBITDA margin of 16.13%.
- The commissioning of a new coating line positions Pitti Engineering Ltd as the only commercially available source for re-varnish laminations using hydro and thermal power generators, offering import substitution opportunities.
- The sheet metal side of the business experienced a decline in volumes on a quarter-on-quarter basis due to new emission control norms and market volatility.
- The company incurred a INR3.76 crores mark-to-market ForEx loss, which is notional in nature, and a one-time expense related to the merger of Pitti Castings amounting to INR2.2 crores.
- Volatility in the small LV motor market and disruptions in the alternator market due to CPCB Bharat VI norms are expected to continue affecting the business until Q1 FY25.
- Despite a promising product development pipeline, the company faces challenges in meeting its INR2,000 crore revenue guidance for the full year, with expectations now around INR1,750 crores.
- The company's net debt stood at INR432 crores as of December 31, indicating a significant financial obligation.
Ladies and gentlemen, good day, and welcome to Pitti Engineering's Q3 and nine months' FY25 earnings conference call. (Operator Instructions) Please note that this conference will be recorded.
Before we begin, I would like to mention that some of the statements made in today's call may be forward-looking in nature, and may involve risks and uncertainties. For a list of such considerations, please refer to the earnings presentation.
I would now like to hand the conference over to Mr. Akshay Pitti. Thank you, and over to you, sir.
Good evening, and a warm welcome to the Q3 FY25 earnings call. We will begin with a brief overview of the performance during the quarter, followed by the Q&A session.
Starting with the operational performance during the quarter, we registered the highest volumes for machine components in the company's history. We also developed and started commercial supplies for parts used in hydrogen electrolyzers during the
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