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>Focus on stabilising the operations: After completing the acquisitions of Bagadia Chaitra (BCIPL) and Dakshin Foundaries, PEL has now received NCLT approval for the merger of Pitti Castings.</li><li>The company is now expected to focus on stabilizing the expanded operations and drawing maximum synergies from the consolidated entity.</li><li>With complementary locations, capabilities, and offerings, the combined entity appears well-placed for growth.</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.

Focus on stabilising the operations: After completing the acquisitions of Bagadia Chaitra (BCIPL) and Dakshin Foundaries, PEL has now received NCLT approval for the merger of Pitti Castings.The company is now expected to focus on stabilizing the expanded operations and drawing maximum synergies from the consolidated entity.With complementary locations, capabilities, and offerings, the combined entity appears well-placed for growth.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 - Focus Shifting to Organic Growth as Synergies Start Building

<ul><li>Pitti Engineering Ltd. (PITTIENG), established in 1983, is engaged in manufacturing a wide range of engineering products made of iron and steel.</li><li>These include electrical steel laminations, sub-assemblies for motor and generator cores, die-cast rotors, as well as machined cast and fabricated parts and shafts.</li><li>Its rotating electrical equipment portfolio consists of products like loose laminations, pole laminations, assembled stator cores, and RTU Stators, among others. </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.

Pitti Engineering Ltd. (PITTIENG), established in 1983, is engaged in manufacturing a wide range of engineering products made of iron and steel.These include electrical steel laminations, sub-assemblies for motor and generator cores, die-cast rotors, as well as machined cast and fabricated parts and shafts.Its rotating electrical equipment portfolio consists of products like loose laminations, pole laminations, assembled stator cores, and RTU Stators, among others. 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.

Pick of the Week - Pitti Engineering Ltd - 21 October 2024

<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

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 - Focus Shifting to Organic Growth as Synergies Start Building

Focus on stabilising the operations: After completing the acquisitions of Bagadia Chaitra (BCIPL) and Dakshin Foundaries, PEL has now received NCLT...

Axis Direct

Pick of the Week - Pitti Engineering Ltd - 21 October 2024

Pitti Engineering Ltd. (PITTIENG), established in 1983, is engaged in manufacturing a wide range of engineering products made of iron and steel.

Axis Direct

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

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