Chairman & MD’s message

The government’s vision to make India a USD 5 trillion economy presents significant opportunity for the Company’s future growth.

Despite the challenges posed by COVID-19, we made significant progress. At Pitti, we successfully reduced overhead expenses and delivered on our promise to create value for our stakeholders across the vertical. During the year, we focused on mitigating risks, explored emerging opportunities and diligently addressed new realities.

Over the years, we have tried to improve our business model and strived to meet evolving engineering requirements. Owing to the challenges posed by the external environment in the last fiscal, we concentrated on medium to long-term strategies that enabled us to introduce innovative solutions that were designed for the future.

During FY 2020-21, we recorded a marginal decline in revenue from operations at ₹ 518.17 crore, in comparison to ₹ 525.06 crore in FY20, primarily due to the Covid-19 pandemic. However, Profit after tax (PAT ), increased by 68% to ₹ 28.78 crore during FY 2020-21 including ₹ 16.25 crore of investment subsidy sanctioned by Government of Maharashtra for the Mega Project at Aurangabad and favorable product mix coupled with cost control initiatives.

We are optimistic about further enhancing our capabilities and delivering exceptional precision engineering solutions designed for a broad spectrum of industries around the world.

The government’s vision to make India a USD 5 trillion economy presents significant opportunity for the Company’s future growth. Coupled with our ability to manufacture products that add significant value to our customers’ businesses, proposed investments by the government in notable infrastructure projects are expected to accelerate our progress in the years ahead. The following projects are envisioned to create significant opportunity for us:

The development of Dedicated Freight Corridors for Indian Railways will encourage the growth and development of urban cities with better rail connectivity.

The logistics network is expected to be strengthened by the Bharatmala Project that focuses on optimizing efficiency of freight and passenger movement across the country by bridging critical infrastructure gaps through effective interventions like development of Economic Corridors, Inter Corridors and Feeder Routes, National Corridor Efficiency Improvement, Border and International connectivity roads, Coastal and Port connectivity roads and Greenfield expressways.

The demand for urbanisation is growing due to shift towards non-agricultural work in villages, rising population and economic activities near cities, saturation of large cities and expected doubling of India’s urban population to 877 million by 2050.

The integration of mass rapid transport systems such as Metro Rails in the transportation network, adoption of four-wheeler and two-wheeler electric vehicles (EV) and demand for owned apartments is expected to improve infrastructure growth across the country.

Further, we also work closely with the communities where we operate. During the pandemic, we also initiated food distribution programs for migrant workers and the economically weaker sections of society.

We are optimistic about further enhancing our capabilities and delivering exceptional precision engineering solutions designed for a broad spectrum of industries around the world. Looking ahead, we are determined to carry forward our innovative zeal to develop sustainable products and decisively meet futuristic needs.

I remain extremely grateful to our people for their remarkable resilience during the pandemic. I owe my gratitude towards them as well as their families for their extraordinary courage that helped us to tide through an unprecedented crisis. Together, we are committed to accomplish shared objectives and take the company towards newer heights of success.

Warm Regards,

Sharad B Pitti

Chairman & Managing Director