External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>We recently visited the plant of Pitti Engineering Ltd (PEL) at Aurangabad.</li><li>The company is increasing its production capacities to support the anticipated growth in volumes.</li><li>The company believes that the expansion will not only enhance the PEL’s ability to serve and support its clients more effectively but will also allow it to adopt smarter and eco-friendly practices.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We recently visited the plant of Pitti Engineering Ltd (PEL) at Aurangabad.The company is increasing its production capacities to support the anticipated growth in volumes.The company believes that the expansion will not only enhance the PEL’s ability to serve and support its clients more effectively but will also allow it to adopt smarter and eco-friendly practices.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pitti Engineering Ltd. - Aurangabad Plant Visit; Expansion on Track

<ul><li>Strong volume growth during the quarter:Volumes of rotating electrical equipment (Laminations and Assemblies) in existing business (PEL excluding BCIPL) increased by over 24% YoY during the quarter.</li><li>While machining components volumes declined, blended EBITDA/Tonne on a standalone basis increased by 2.77% YoY to Rs 43,785.</li><li>BCIPL volumes increased by 13.2% YoY. Even though EBITDA for BCIPL was impacted due to certain onetime factors, the management remains positive about reaching targeted EBIDTA levels. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Strong volume growth during the quarter:Volumes of rotating electrical equipment (Laminations and Assemblies) in existing business (PEL excluding BCIPL) increased by over 24% YoY during the quarter.While machining components volumes declined, blended EBITDA/Tonne on a standalone basis increased by 2.77% YoY to Rs 43,785.BCIPL volumes increased by 13.2% YoY. Even though EBITDA for BCIPL was impacted due to certain onetime factors, the management remains positive about reaching targeted EBIDTA levels. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pitti Engineering Ltd. - Continued Growth Momentum, AcquisitionsStart Contributing;

<ul><li>Our updated projections reflect the impact of the DFPL acquisition as well as the expected PCL merger, which is anticipated to be revenue and margin-accretive but will dilute equity marginally.</li><li>Accordingly, we project a Revenue/Operating Profit/PAT CAGR of 37%/42%/48% over FY24- FY26E.</li><li>The revenue and operating profit projections also factor in organic growth and an improving margin profile due to a better product mix and economies of scale. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Our updated projections reflect the impact of the DFPL acquisition as well as the expected PCL merger, which is anticipated to be revenue and margin-accretive but will dilute equity marginally.Accordingly, we project a Revenue/Operating Profit/PAT CAGR of 37%/42%/48% over FY24- FY26E.The revenue and operating profit projections also factor in organic growth and an improving margin profile due to a better product mix and economies of scale. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pitti Engineering Ltd - Dakshin Foundry Private Limited (DFPL) Acquisition Update

<ul><li>During the plant visit, we noted that the operations at the plant are in full swing and the company is undertaking initiatives to monitor and improve the operating efficiency of the machines.</li><li>The management also mentioned that the lamination operations will be shifted to its Aurangabad facility, aimed at making optimum utilization of the facilities and logistics.</li><li>PEL is expected to add machining capacity in the space vacated after the relocation of lamination operations. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

During the plant visit, we noted that the operations at the plant are in full swing and the company is undertaking initiatives to monitor and improve the operating efficiency of the machines.The management also mentioned that the lamination operations will be shifted to its Aurangabad facility, aimed at making optimum utilization of the facilities and logistics.PEL is expected to add machining capacity in the space vacated after the relocation of lamination operations. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pitti Engineering Ltd. - Company Update Post Plant Visit and Management Meeting

Thematic (Sector/Industry)

<ul><li>As we conclude the final page of 2023, we extend our heartfelt wishes for a 'Happy New Year' to all our valued patrons.</li><li>With great enthusiasm, we welcome 2024, anticipating a year filled with prosperity, peace, and happiness for you and your family.</li><li>At this juncture, it gives us immense joy to announce our New Year picks for this year and we hope they will enhance and fortify your investment endeavours further.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

As we conclude the final page of 2023, we extend our heartfelt wishes for a 'Happy New Year' to all our valued patrons.With great enthusiasm, we welcome 2024, anticipating a year filled with prosperity, peace, and happiness for you and your family.At this juncture, it gives us immense joy to announce our New Year picks for this year and we hope they will enhance and fortify your investment endeavours further.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

India

Pitti Engineering Limited manufactures and distributes industrial machinery products. The Company provides electrical steel laminations, motor cores, sub-assemblies, die-cast rotors, and press tools. Pitti Engineering serves customers globally.

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Pitti Engineering (PITTIENG IN)

Pitti Engineering Ltd. - Aurangabad Plant Visit; Expansion on Track

We recently visited the plant of Pitti Engineering Ltd (PEL) at Aurangabad. The company is increasing its production capacities to support the...

Axis Direct

Pitti Engineering Ltd. - Continued Growth Momentum, AcquisitionsStart Contributing;

Volumes of rotating electrical equipment (Laminations and Assemblies) in existing business (PEL excluding BCIPL) increased by over 24% YoY during...

Axis Direct

Pitti Engineering Ltd - Dakshin Foundry Private Limited (DFPL) Acquisition Update

Our updated projections reflect the impact of the DFPL acquisition as well as the expected PCL merger, which is anticipated to be revenue and...

Axis Direct

Pitti Engineering Ltd. - Company Update Post Plant Visit and Management Meeting

During the plant visit, we noted that the operations at the plant are in full swing and the company is undertaking initiatives to monitor and...

Axis Direct

Axis New Year Picks 2024

t this juncture, it gives us immense joy to announce our New Year picks for this year and we hope they will enhance and fortify your investment...

Axis Direct

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