Pitti Engineering (513519) Q4 01/02 earnings summary

Executive summary

• FY ended 31 Mar 2002 revenue from sales and services was Rs.2,356.93 lacs; net loss widened to Rs.228.35 lacs from Rs.167.30 lacs YoY.

• Operating volume fell 18.45% to 2,536 MT from 3,004 MT; sales turnover declined 6.47% to Rs.2,356.94 lacs.

Financial highlights

• Total income was Rs.2,414.01 lacs; total expenditure was Rs.2,650.13 lacs and loss before tax was Rs.236.11 lacs.

• Loss after tax was Rs.228.35 lacs versus Rs.167.30 lacs; EPS was negative Rs.7.21 versus negative Rs.5.80.

• Excluding capitalization of tool-room expenses, tool and other write-offs, and depreciation, the business recorded a cash loss of Rs.39.69 lacs versus cash profit of Rs.40.16 lacs.

• Export income increased to Rs.131.91 lacs from Rs.127.66 lacs; exports were 31.43 MT.

Outlook and guidance

• Four-month sales through 31 Jul 2002 reached 923 MT versus 590 MT in the comparable prior-year period; FY target was 3,000 MT.

• Export growth was a priority amid continued domestic-market slowdown.