Pitti says bagging orders from e-mobility, EV firms

The company said its total order book stood at ₹987 crore as on December 31, 2021.

Pitti Engineering Ltd. said orders from e-mobility and urban mass transportation segments among others have boosted its order inflow. The company said its total order book stood at ₹987 crore as on December 31, 2021. “The company is experiencing a flow of new enquiries, new product developments, and pilot production orders culminating into commercial production orders in new as well as existing end user applications,” said Akshay S. Pitti, vice-chairman & managing director, Pitti Engineering. These included segments such as EV, power tools, wind and hydro power, e-mobility, urban mass transportation and data centres, he added.  “PM Gatishakti Master Plan, extension of date for setting up new units for availing lower income tax benefits, increased allocation for ECLGS, focus on productivity enhancement, measures to increase EV ecosystem, promotion of data centres and data localisation, and announcement of additional VandeBharat express trains has laid out a path for long term sustainable growth for the country,” he added.

The company said it was also on track for its expansion plan in Aurangabad and had acquired adjoining land. 

“The capex will be completed by end of FY24 with the incremental capacity additions starting from Q1 FY23,” the company said.