Pitti Engineering (513519) Q4 00/01 earnings summary

Executive summary

• Sales volume, turnover, exports and operating performance improved YoY, but the year still ended with a net loss of Rs.167.30 lacs and accumulated losses of Rs.1,266.28 lacs.

• Sick-company status remained under BIFR review after AAIFR remanded the case; the prepared rehabilitation package could not be implemented pending fresh determination.

Financial highlights

• Sales and services revenue reached Rs.2,520.09 lacs, up 11.98% YoY from Rs.2,250.42 lacs; total income was Rs.2,459.04 lacs vs Rs.2,188.53 lacs.

• Net loss narrowed to Rs.167.30 lacs from Rs.391.80 lacs; loss before tax was also Rs.167.30 lacs, with no tax provision shown.

• Finance charges were Rs.375.67 lacs vs Rs.401.85 lacs; depreciation was Rs.77.18 lacs vs Rs.78.89 lacs.

• Operational loss narrowed to Rs.42.20 lacs from Rs.53.47 lacs; cash profit was Rs.40.16 lacs, as reported by the directors.

Outlook and guidance

• Current-year performance was uncertain; further improvement depended on continued demand recovery, while weaker demand would lead to consolidating gains from the previous two years.

• Management said it would seek to retain and improve operations and continue efforts to increase exports.