PITTI ENGINEERING LIMITED — Annual Report 2025

Apr 21, 2025

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21[st] April 2025

To, BSE Limited Floor 25, P J Towers, Dalal Street Mumbai – 400 001 Scrip Code: 513519

To, National Stock Exchange of India Limited Exchange Plaza, Bandra Kurla Complex Bandra (E), Mumbai – 400 051 Scrip Code: PITTIENG

Dear Sir,

Sub: Outcome of Board Meeting

We wish to inform you that the Board of Directors of the Company at its meeting held today, i.e. 21[st] April 2025 has inter-alia:

1. Approved the audited financial results (standalone & consolidated) of the Company for the quarter and year ended 31[st] March 2025.

Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulation 2015, we enclose the statement of the audited financial results (standalone & consolidated) of the Company for the quarter and year ended 31[st] March 2025 along with the audit report provided by the statutory auditors.

We further declare that the statutory auditors of the Company Talati & Talati LLP, Chartered Accountants have issued an unmodified opinion on the audited accounts (standalone & consolidated) for the quarter and year ended 31[st] March 2025.

1. Recommended a dividend of ₹ 1.50/- (30%) per equity share of face value 5/- each for the financial year ended 31[st] March 2025 subject to approval of Members of the Company at the ensuing 41[st] Annual General Meeting (AGM). The Company will inform in due course the date on which the Company will hold the 41[st] AGM and the date from which dividend will be paid or warrants thereof will be dispatched to the Members.

2. Approved the appointment of Mr. Ajay Kishen, Practising Company Secretary as Secretarial Auditors of the Company for a period of five consecutive years commencing from FY 2025-26 to FY 2029-2030, subject to approval of the Members of the Company at the ensuing 41[st] Annual General Meeting.

3. Approved re-designation of existing Senior Management Personnel as follows:

Name	Current Designation	New Designation
Shri Rishab Gupta	Chief Procurement & TechnologyOfficer	COO-Machined Components & Enterprise Sourcing

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1. Noted that the second consecutive term of appointment of Shri S. Thiagarajan as an Independent Director of the Company concludes on 23[rd] April 2025. Consequently, he will cease to hold the position of Independent Director effective from 24th April 2025.

The relevant details as required under Regulation 30 read with Schedule III of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated 11[th] November 2024 is attached as Annexure-1.

The meeting of Board of Directors of the Company commenced at 2:30 P.M and concluded at 3:55 P.M.

Kindly take the same on record.

Thanking you,

Yours faithfully, For Pitti Engineering Limited

Digitally signed by MARY MARY MONICA MONICA BRAGANZA BRAGANZA Date: 2025.04.21 16:20:53 +05'30'

Mary Monica Braganza Company Secretary & Chief Compliance Officer FCS: 5532

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Annexure-1

The details as required to be disclosed under Regulation 30 read with SEBI Circular No. SEBI/HO/CFD/PoD2/CIR/P/0155 dated 11th November 2024:

Appointment of Mr. Ajay Kishen as Secretarial Auditor

SNo.		Particulars	Details
1.		Reason for change viz appointment, ~~resignation,~~ ~~removal,~~ ~~death~~ ~~or~~ ~~otherwise~~	Appointment of Mr. Ajay Kishen, Peer Reviewed Company Secretary in Practice [M.No: 6298 CP: 5146] as Secretarial Auditors of the Company.
2.		Date of Appointment and Terms of Appointment	The Board at its meeting held on 21stApril 2025, approved the appointment Mr. Ajay Kishen as Secretarial Auditors for an audit period of five consecutive years commencing from FY 2025-26 to FY 2029-2030, subject to approval of the Members at the ensuing 41stAnnual General Meeting.
3.		Brief Profile	Mr. Ajay Kishen is a Peer-Reviewed, qualified Company Secretary with over two decades of experience, practicing since 2003. He provides corporate consultancy services to listed, unlisted, and private limited companies. His areas of expertise include corporate law, SEBI regulations, FEMA, and overall regulatory compliance. He offers a wide range of professional services, including conducting secretarial audits, due diligence audits, and issuing certifications required by regulatory authorities such as the ROC, RBI, banks, and financial institutions.

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Re-designation of existing Senior Management Personnel
Sr.No. Particulars Details
a) Name Shri Rishab Gupta
b) Reason for change viz., Re-designation from Chief Procurement &
appointment, re-appointment, Technology Officer to COO-Machined
resignation, removal, death or Components & Enterprise Sourcing
otherwise
c) Date of appointment/re- Date of Redesignation 21 [st] April 2025
appointment/ cessation (as
applicable) & term of
appointment/re-appointment;
d) Brief Profile Shri Rishab Gupta (36 years) holds a Master in
Business Administration (MBA) and has rich
industrial experience specifically in
manufacturing sector, supply chain
management with a demonstrated history of
working in capex procurement, factory
automation & technology upgradation, SAP
integration with business need. He has been in
employment with the Company since 1 [st] May
2013.
e) Disclosure of relationships Not Applicable
between Directors (in case of
appointment of Director)
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Completion of tenure of Independent Director

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S.No. Particulars Details
1. Name Shri S Thiagarajan
2. Reason for change viz. The Members of the Company had at their 35 [th]
appointment, reappointment, Annual General Meeting held on 19 [th] September 2019,
resignation, removal, death or approved the re-appointment of Shri S Thiagarajan
otherwise (DIN 02721001) as Non-Executive Independent
Directors of the Company, to hold office for a second
term of five (consecutive) years commencing from 24 [th]
April 2020 to 23 [rd] April 2025.
Accordingly, Shri S Thiagarajan ceases to be
Independent Directors of the Company with effect
from 24 [th] April 2025 consequent to the completion of
their second term of appointment on 23 [rd] April 2025.
3. Date of appointment / re- Date of cessation: 24 [th] April 2025
appointment / cessation (as
applicable) & term of Terms of appointment: Not Applicable
appointment/re-appointment;
4. Brief Profile (in case of Not Applicable
appointment)
5. Disclosure of relationships Not Applicable
between Directors (in case of
appointment of a director)
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I[p]['][s] I talati t talati llp CA I N D I A Ch-rte» /hast=6,

Independent Auditor's Report on Audited Standalone Quarterly Financial Results and Year to Date Results of Pitti Engineering Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended.

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To, The Board of Directors of Pitti Engineering Limited,

[.][I] 0 pion[.] We have audited the accompanying Standalone Financial Results for the quarter and year ended 31 March, 2025 of Pini Engineering Limited ("the Company"), being submitted by the company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("LODR Regulations"). In our opinion and to the best of our information and according to the explanations given to us these Standalone Financial Results: i. are presented in accordance with the requirements of Regulation 33 of the LODR Regulations in this regard; and ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in t l dia, of the net p profit and other comprehensive income and other financial information for the

[£ ] ' quarter ended and year ended 31 March, 2025. ' '

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 (the Act"). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("the !CAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Results under the provisions of the Companies Act, 2013 and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

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Talati & Talati LLP, a Limited Liability Partnership bearing LLP identification NO. AAO-8149

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Emphasis of Matter

We draw attention to the following matter in Note No. 5 of the Notes to the Standalone Financial Results: The Hon'ble National Company Law Tribunal, pursuant to the order dated October 3, 2024 (NCLT order), approved the scheme of amalgamation amongst Pitti Engineering Limited ("PEL"), Pitti Castings Private Limited ("PCPL") and Pitti Rail and Engineering Components Limited (PRECL) with the appointed date , of]April, 2023 (Scheme), The statement of audited Standalone Financial Results of the Company, for the 31 March, 2024, have been quarter and year ended restated to give the effect of merger. 0 ur opinion is .. l . not m o dif i e c in d'fi d . respect of f th ihi s matter.

Management's Responsibilities for the Standalone Financial Results s Standalone Financial Results have been prepared on the basis of the Standalone al Finan al Thi Annu ci Statements r the year ended 31 March, 2025. fo The Company's Board of Directors e responsible r the prepa tion and p ar fo ra resentation of the Standalone Financial Results that give a true and ir view of the net p t and other comprehensive fa rofi income and other n cial in ation in accord e with the recognition and meas ement principles laid down in I fi an form anc ur ndian Accounting dards prescribed under Section 133 of the Act read with relevant les issued thereunder Stan ru and other accounting principles gene accepted in India pli ce with Regulation 33 of the rally and in com an LODR Regulations. ] l ' ' 'Ties responsibility also includes maintenance of adequate accounting records in accordance with the a provisions of the Act for safeguarding of the ets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design, quate internal implementation and maintenance of ade financial controls that were operating effectively for ensuring acy pleteness of the the accur and com accounting records, relevant to the preparation and presentation of the Standalone F s that inancial Result give a true and fair view and are free from material misstatement, whether due to fraud or error.

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In preparing the Standalone Financial Results, the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and, using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The Board of Directors is also responsible for overseeing the financial reporting process.

I } ' ' Auditor'' Responsibilities' for the Audit of the Standalone Financial Results . ' Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable ass ance is a high level of ass ance, but is not a guarantee that an ur ur audit conducted in accord e with SAs will always detect a material misstatement when it exists. anc Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate,

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they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Results As pant of an audit in accordance with SAs, we exercise professional judgment and maintain professional throughout the it. We skepticism aud also Identify assess the risks of material misstatement of Standalone Finnci l Results, whether and the due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a bai for our opinion. The risk of not detecting a material mi tatement resulting from fraud is higher for one resulting from error, than as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. l Obtain an understanding of internal control rl to the audit in order to design audit procedures are appropriate in the circumstances, not for purpose of expressing an that but the opinion on effectiveness of the company's control. the internal Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates related disclosures made by the of Directors and Board Conclude on the appropriateness of the Board of Director's use of the going concern basis of accouti and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ablty to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Standalone Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to coti as a going concern _Evaluate the overall presentation, structure and content of the Annual Standalone Financial Results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficinci in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requir nts regarding independence, and to communicate with them all relationships ad other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

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I[I ][, ][, ][, , ] f I Other ma tters 'The the the J 1• being the S1aJ.1one Financial ReJults mcludc results for quane, eridcd March 2025 balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which were subject to limited review, as required under the LODR Regulations

Talati & TAlai LLP For Chartered Accountants {Firm RegNo· 110758W/W100377) /( rAl"..::!A;' di di CA Amit Shah � Partner Place na Membership Number: 122134 of Sig ture: Hyderabad ,Date21April, 202 ~ UDIN-25122131BM0ZNF2453 I

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0 rrtguteeegtap PrTL Mat sent of Aoedtadoe facial ult for the Quarter ad fear ended 31st Mach 2025 .6a - • - t - 6,m41 .0.0 .44 0 $4 41%, • i}bot of#tr toed 4 tee .e. 4 tr be lee .+± M 0he • " "' e •

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Statement of A ets and Liabilities

Statem	ent of A ets and Liabilities											inlakhs £ " £ •
SI. No. A	ASES	Paricular						Aat 31st Marc 202 Audited ee 0 •5 £ _2_3 � • «t 5	As at 31s Marc 2024 Audited-Restated (Refer noteSJ "ll;;; t 6 % «~ ate > •5± � «t
	NON-URRENASSE
	(a) Prpery,plant and equipment (b)Cpitalwor-in-proress (c)intngible A ets (d) Capital wor-in-prorss - Intangible							67,153.1 6,07.06 781.98 8.31				37175.26 12,222.95 929.78 40 60 0yor di 4 do r"a en%
	(e) Rightofuse ofA ets							11,3730				8,348.03
	(fFnancal A ets
	(i)invstments							25,765.91				001
	(ii)OherFinancial Aets							1,10.36				3237
	(g)Oher non-urent asset							383011				6,636.96
	TOTAL NON-CURRENT ASES							1,16,0.54				65,69536
	CURRENT AES
	(a)Inventories (b) Financial A ets							31,354.32				2872323 w N e £e
	(i) Investments							1.16				123
	(ii)Trde rceivables							22953.92				21,4188
	(iii)Csh andCshequivalent							6,728.70				7,753
	(i)Oher bankbalancs							4,08.13				3,396.44
	(v)Oher fnancialassets							1,947.94				139.46
	(c)A ets held for sale
	(c)Oher curnt assets							12,273.29				12,02567
	TOTAL CURRENT AES							79,339.46				73,4.36
	TOTALASES							1,95,4			1,39,1072
•	EQUITANDLBILTE
	EQUI
	(a) Equit share capital							1,88310				1,6292
	(b) Instrmnt Entirey Equitinnature							-				10.4
	(c)Oher equit							86,49.96				45579.72
	TOTAL EQUI							838.06				47,292.08
	LBILE
	NON-URREN LBILE
	(a) Financial Labilities
	(i) Borwings							28,12715				26,29.34
	(i)Lease Liabilit							8,24592				6,269.46
	(i)Oher							0.36				0.36
	(b) Prvisios							2,385.18				2,081
	(c) Dferd taxliabilities(net)							38984				195.86
	TOTAL NON-URREN LBILIIE							39,1445				3,8248
	CURREN LBILE
	(a) Financal Liabilities
	(i)Borwngs							2971753				28516.34
	(ii)Lease liability							2,58887				1,693.9
	(iii) Trde payables
	Dues to micr and sma enterrses							35.48				33006
	Duestoother							31,527.4				23,5769
	(iv)Oher fnancial liabilities							2,09.59				1,397.6
	(b) Oher curnt liabilities							922.65				350.56
	(c) Prisions							61.8				68480
	(d) incom taxliabilities (net)				BA1 »N			6205				436.78
	TOTAL CURRENLABILIE TOTAL EQIT AND LIBILITES		"	"	4 I	\ ,		67,872.49 1,95,4		56987.81 1,39,10.72
			3(y ± g 4 ?c$									.

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Standalone Statement of Cash Flows

tandaloneStatementof CashFlows						«inlakhs
					Forthe	For te
Pariculars					Year ended	Year ende
					31.03.2025	31.03.2024
						Audited -Restated
					Audited	(Refernote S)
A.CSH FLOW FROM OPERTNGACIVE
NetPoif beforetax					149.02	1193896
Adjused for
Depreciationand amrizationexpnes					76930	5872.67
Interest Incom					(774.82)	(291.81)
Credit RiskImpaired					2611	9.37
CreditRisk Allowance					1.67	15.63
(Gain)/Loss on sale of prpery, plant and	equipmnt inluding
intangableassets					(8.8)	1.62
Lo/ (Proft)onLease mifcation					(1.8)	(099)
Re-masuremnt gains/(losses) on empl	e defned bnft plans				251	(70.21)
Re-masuremntgains/(losses) on Invstment					007	0.13
Prft(Loss) oncurnt fnancial assetsmasuredat FPL					(0.14)	(0.26)
Unrealisedforeign exchange diferences					6.95	100
FinanceCsts					675932	5142.13
Dvidend incom					(002)	-
Sarebased paymnt expenses(net)					55.54
OherNonCshadjustmnt					2.97
Operating Proft bfore WoringCpitl canges					27,873.59	22,07833
Cange inworing capital					1818.31	(1328.10)
Csgenerated fromopratins					29,691.9	9,5.2
Direct Taxes Paid					(354693)	(107.78)
Netcshfow fomoperatng actes(A]					26,14.97	8,02.45
B.CH FLOW FROMINNG ACE
Investmntin Subsidiares					(25765.76)	-
Purhase ofPrpr, Plant&equipmnt and	intangibles (including cpital wr in
prorssandcapitladvances) •					(2722956)	(22587.98)
ROU A ets as per Ind A116 Proeedsfromsale ofprpr, plant&equipmnt					(4272.6) 719.52	(241.32) 98.50
Dividend incomereceied					0.02
Interstincomreceived Net csusdininvsngAcis(8]					782.33 (55,766.09)	23.61 (24,696.19)
CCH FOW FROM FINNCING ACIVE
Finance chares					(6736.98)	(5074)
Csh Paymntfor Prncipalprionof lease liabilit					2931.8	1420.5
CshPaymnts forinterst poionof lase liabilit					(6.37)	(13036)
Preedsfrm Borowings -Noncurnt(incuding curent maturties)					248.26	21,41.93
Repaymnt of Borwings- Noncurnt (incluingcurnt mturties)					(21276.20)	(2881.94)
Preeds/(rpaymnt) of shr-ter brwings (Net)					(178.0)	677.6
ProeedsfrmEqui Funs					3465.89
Proeeds fromESPTrstPurhase)of trasur shars byEP Trst(net)					(3998.14)
TermDeposit Acountswithfnancialinstitutio					(67893)	(8.51)
Paymnt ofDividend					(529.17)	(38313)
UnclaimdDividend					(2.8)	(1.47)
NetCs usd inFnancActs-(C					2865.0	20345.98
Net increas/(D as)in Csh&CsEquivalent(A+8C) ,­ « o " OpeningBalanceinCsandcsh equivalent /s ,,' CosingBalanceinCs and cs equivalent ' . . lAN 4[% . y• t Zl I ?!?».6 ACC					(975.8) 7.53 6728.70	3652.24 42.29 770.53 t

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• Notes to the financial results: The above financial results for the quarter and Year ended 31st March 2025 has been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 21st April 2025.

• 2 The financial results have been prepared in accordance with Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in terms of Regulations issued by Securities and Exchange Board of India (SE8I).

The figures of the fourth quarter are the balancing figures between the audited year-end figures and the published results upto the third quarter of the respective financial years.

• 4 The Board of Directors have recommended a final dividend of Rs.1.50 (30%) per equity share of Rs. 5/- each for the year ended 31st March 2025 subject to approval of members of the Company at the ensuing 41st Annual General Meeting. The Board of Directors approved the Scheme of Amalgamation on June 15, 2023, between Pitti Castings Private Limited ("PCPL"), Pitt Rail and Engineering Components Limited ("PRECL"), and Pitti Engineering Limited ("PEL"). The National Company Law Tribunal, Hyderabad, approved the Scheme on October 3, 2024, it became operative after filing with the Registrar of Companies on October 24, 2024 and it is effective from April 1, 2023. As per the Scheme, eligible shareholders of PCPL were allotted 21,88,772 equity shares of PEL on November 13, 2024, based on the agreed share exchange ratio. The financial results for respective applicable periods have been restated according to the accounting treatment prescribed in the Scheme, in compliance with IndAS 103 and other applicable provisions.

• 6 The Nomination and Remuneration Committee of Pitti Engineering Limited, at its meeting held on 13th March 2025, approved the first grant of 7,87,500 employee stock options to eligible employees of the Company and its subsidiaries. This grant is made under the shareholder-approved limit of 13,0 options as part of the 'Pitt ESOP Scheme 2024', at an exercise price of 736.72 per option. Furthermore, during the quarter ended 31st March 2025, the Pitti Engineering Limited Employee Welfare Trust (ESOP Trust) purchased 3,88,382 equity shares of the Company from the open market. The Company considers the ESOP Trust as its extension, and accordingly, the shares held by the Trust are treated as treasury shares in accordance with IND AS 32. For the accounting of employee stock options granted, the Company and its subsidiaries have adhered to the requirements of IND AS 102. The adjustment to the earnings per share due to the grant of options is anti-dilutive; hence, the basic and diluted earnings per share remain the same The Company has only one business segment, which is manufacturing of engineering products of lron and Steel, hence the reporting is done as a single segment. However, the geographical segment revenue and assets are as under: in lakhs

• Quarter Ended Year Ended

• Particulars 31.03.2025 31.12.2024 31.03.2024 31.03.2025 31.03.2024 Audited

• Audited - Resa ed Audited. Restated

• (Refer note 3) Un-Audited (Refer note 3&5) Audited (Refer note 5]

• ,. Segment Revenue a) India 27,385.94 24,018.57 21116.80 1,04,748.92 80,968.44 b) Outside India 14,806.13 12,352.88 12,473.26 47,705.89 43,447.07

• Revenue from Operations 42,192.07 36,371.45 33,590.06 1,52,454.81 1,24,415.51 II. Segment A ets . a) India 1,81,700.80 1,70,210.65 1,23,565.14 1,81,700.80 1,23,565.14

• Totab) l Outside India 1,95,404.00 13,703.20 1,84,915.57 14,704.92 1,39,104.72 15,539.58 1,95,404.00 13,703.20 1,39,104.72 15,539.58

8

Place: Hyderabad Date: 21st April 2025

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'ovary to correspond with current year's By order presentation. of the Board
For PITTI ENGINEERIN IMIT
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talati & talati lp CA I N D I A Ct ha-tat

Independent Auditor's Report on Consolidated Audited Quarterly and Year to Date Financial Results of Pitti Engineering Limited Pursuant to the Regulation 3} of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended. To, The oard of Directors of Piti Engineering Limited,

Opinion

We have audited the accompanying Statement of Consolidated Financial Results of Piti Engineering Limited ("Holding company") and its subsidiaries (holding company and its subsidiaries together referred to as the Group"), for the quarter and year ended 31 March, 2025 (the Statement"), being submitted by the holding company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (LODR Regulations"). In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on audited standalone financial statements and other financial information of subsidiaries, the aforesaid Statement: a. includes the results of the following entities

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Sr. No Name of Entity
A Holding Com h¥
I 4 Piel ineer Limited '
B ' Subsidiaries
Pitti Industries Private Limited
' Formerly Bagadia Chaitra Industries Private Limited
2 Dakshin F Private Limited
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b. are presented in accordance with the requirements of Regulation 33 of the LODR Regulations, in this regard; and c. gives a true and fair view, in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accouti principles generally accepted in India, of net profit and other comprehensive income and other finnci l information of the Group for the quarter and year ended 3 March, 2025 t • I Talati & Talati LLP, a Limited Liability Partnership bearing LL identification NO. AA0-8149 AMBICA CHAMBERS, NEAR OLD HIGH COURT, NAVRANGPURA, AHME DABAD 380 009 TEL.:2754 4571/72474, www.tatatiantatati.com Also at VADODARA (0265) 235 5053/73 • SURAT (0261) 236 1236 MU4BA (022) 49796144 DELHI (011) 3574 1918 + K0CHI (0484) 640 0102

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute ] ' ' ofbhartelred Accountants'of India ("the ICAP) together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to the following matter in Note No. 6 of the Notes to the Consolidated Results:

The Hon'ble National Company Law Tribunal, pursuant to the order dated October 3, 2024 (NCLT order), approved the scheme of amalgamation amongst Pitti Engineering Limited ("PEL"), Pitt Castings Private Limited (PCPL") and Pitti Rail and Engineering Components Limited ("PRECL") with the appointed date of 1" April, 2023 (Scheme). The statement of audited Consolidated Financial Results of the Company, for I p ' ' the quarter and year ended'31 March, 2024, have been restated to give the effect of merger. i Our opini'on is not modified in respect of this matter.

Management's Responsibilities for the Consolidated Financial Results

I

This Consolidated Financial Results have been prepared on the bai of the Consolidated Annual Financial Statements for the year ended 31 " March, 2025. The Holding Company's Board of Directors are responsible for the preparation and presentation of the Consolidated Financial Results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the LODR Regulations. ' + The resp&ctive Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the a ets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Consolidated Financial Results that give a true and fair view and are free from

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disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to contmue as a gomg concern. • Evaluate the overall presentation, structure and content of the A ual Consolidated Financial Results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial results and financial information of the entities within the Group and its a ociates and jointly controlled entities to express an opinion on the consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. I ' I I Wed communicate with Those Charged with Governance (TCWG) of the Holding Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related sa u ds. feg ar We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the LODR Regulations, as amended, to the extent applicable.

Other Matters

The consolidated Financial Results include the audited Financial Results of 2 (two) subsidiaries, whose + audited Financial Statements and financial information reflect Group's share of total a ets of Rs. 16,094.39 Lakhs as at 3 I" March, 2025, Group's share of total revenue of Rs. 7,523.16 Lakhs and Rs. 26,158.87 Lakhs, Group's share t of total net profit after tax of Rs. 612.14 Lakhs and Rs. 1,562.92 Lakhs and Group's share in total comprehensive income of 669.97 Lakhs and 1,500.20 Lakhs for the quarter and year ended 31March, 2025 respectively, as considered in the Consolidated Financial Results, which have been audited by their respective independent auditors. The independent auditors' reports on audited financial statements and financial information of these entities have been furnished to us and our opinion on the Consolidated Financial Results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.

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material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Consolidated Financial Results by the Board of Directors of the Holding Company, as aforesaid. In 'prepaing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group to continue a s a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstaterhents can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Consolidated Financial Results. As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section l 43(3)(i) of the Act, we are also res· ponsible for r expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls. � • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors. • Conclude on the appropriateness of the Board of Director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated Financial Results or, if such

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Our opinion on the consolidated Financial Results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the Financial Results certified by the Board of Directors.

t + The Consolidated Financial Results includes the results for the quarter ended, March 31, 2025 being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which were subject to limited review, as required under the LODR Regulations.

Place of Signature: Hyderabad Date: 21 April, 2025

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For Talati & Talati LLP, Chartered Accountants z7aw°° (du.±A­ CA Amit Shah Partner Membership Number: 122131 UDIN: 25122131BMOZNG8219

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prt'PnnENGINEERING LMIreo

Statement of Audited Consolidated Financial Results for the Quarter and Year ended 31st March 2025

atement	of Audited Consolidated FinancialRes	ultsfor the QuarerandYear ended 31st March	2025				inlakhs
SL.No.				Quarer Ended		Year	Ended
			31.03.2025	31.12.2024	31.03.2024	3103.2025	31.03.2024
		Paricular	Audited (Refer note4)	Un-Adited	Audited Restate (Refernote4&6)	Audited	Audited Restated (Refernote6)
1	Income
	a)Rvnue fromoprations		46,877.71	41497.8	33.59	170.456.71	124415.51
	(b) Oher income		35232	62.21	3,152.99	3,879.3	4850.78
	TotalIncome		47,2003	42,10.05	36,743.05	1,74,336.01	1,29,2629
2	Expenses:
	(a) Cost of materials consumed		27296.37	24173.14	2010.99	105295.87	76397.30
	bPurchase of Stok-in-trade
	cChangesininventoes offnished gos work-in-proress andstok-in-trd		83.0	(5798)	(10.13	(3635)	705.73
	dEmpoee bneft expnses		5376.3	5,294.43	3636.4	196709	12,867.51
	eFinance cost		1893.97	1,321.41	1,4.69	677903	5,142.13
	Dpreciation andamoization	expnss	2,246.59	2,109	1,56. 3	8,051.6	S8767
	Oher Expnss		536.07	5,96.31	4,76 1	22,021.92	16319
	Totalexpenses		43,01130	382.5	31,369.43	158,1758	117327.33
3	Proft/(loss)beforeexceptional andexraordinaritemsand taxtion (1-2)		4,218.73	3,865.8	5,373.62	16,16.17	11,938.9
4	Eceptional items
5	Proft /(loss) beforeexraodinar iems and taxation(3)		4,218.73	3,85.8	5,373.62	16,16.17	11938.9
6	Erordinaritems
7	Proft /{loss before taxation (5-)		4,21.73	3,85.8	5,373.62	16,1617	11938.9
8	Income tax expnss
	(a)Current tax charge /(Cedt)		98.97	777.62	(6296	382761	1251.80
	(b) Taxrelating toearier years chare/(Cedt)				(005	(82.42	(648
	(c)Dferredtaxchare / (Cedt)		(3.95)	212.21	1436.22	18.35	1,723.22
	Totaltax expenses		65.02	99.83	73.21	3,931.5	2,95
9	Proft /[loss) for the pro (7-8)		3,61.71	2875.97	4,6.41	1228.63	8,97042
1	Oher CmprehensivIncome
	[i)items that wll nobreclassifed subsequentlyto proft orloss
	Rmeasurement of the net dfnedbneft liabilit/assets		1.31	-53.19	63.98	(8131)	-70.21
	Cangein fair value of investments
	Inometaxrelating toitems that will notbreclasfed subsquentl to prft orl		(28	10.5	(16.10)	20.47	170
	ii)items thatwllbe reclassife subseauentlv to proftor los
	Totalother comprehensieincome,	netof income tax	8.4	(4269	47.88	(68	(532
1	Total Comprehensieincome(910)		3,622.17	2,833.28	46829	12,167.79	8438.27
1	Paidup ShareCapital (fce valueof5/- pr share)		183.10	1,883.10	1712.36	1,8310	1712.36
1	Reseres EludingRealuation Rsres					87,9824	45,579.72
14	Earningspr shareof5/-each:(Not Annualized)
	(a) Bsic ()		9.61	7.6	13.4	3332	26.20
	(b)Dluted ()		9.61	7.6	13.4	33.32	26.20
			e $±/45 � ' , • 54Ng] g i C F z; z 2 ?) 's @,cc~			I I c I L ": -

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Statement SI. No. A B • th+hhhhhhhhhhhhhh}/ 5l sz]hJ	of ConsolidatedA ets and Labilities Pariculars ASES NON-CURENT A ES aProbr, plant andequipment bCpital wok-in-proress cIntangible At dCptalwork-in-tr ress-Intangible (e) Goill (fRight of use of A ets () Financial A et [i)investment ii)Oher fnancial assts (hOher non-urrent assets TOTAL NON - CURRENT A E CURRENT ASES (a Invntories (b) Financial At iInvestment i Trad receivables ii)Csh and Csh equivlent iv Oher bnk blances vOher fnancial asset (c) Ohercurrent assets TOTAL CURREN A ES TOTAL A ES EQUI AND LABILE Equn (a)Eauit share capital (b)instrmnt Entirv Equi i natur (e) Oherequit TOTA EQUI LBILE NON-UREN LAILE (a)Financial Labilties (i)Brrowings ii)Leas Labilit ii) Ohers (b) proisions (c) Dferredtaxliabilities(net) TOTAL NON-URREN LIABILE CURRENT LABILE a)Financial Labilities i)Brrowings ii)Trdeoavables Des to micrand smallenterpss Dues to others (ii)Oher fnancial liablities (iv) Las liabilit (b) Oher current liabilities (cProisions (d) incometax liabilities(net) TOTAL CURREN LABILE TOTAL EQUIAND LIABILE . E 5 0	-• • y % ' 5AM D° . ? 7; • ' %; { ,co	A at 31st March 202S Audite 76,623.16 6,297.31 78.66 8.31 13.6.05 11,693 0.03 173.9 4179.96 1,14,91531 3291083 1.16 2623.2 9865.3 4,18.13 17967 1272889 85,4927 2,0,4.58 18310 - 87 982.4 89,85.50 28127.15 8467.61 0.36 2,627.82 1,498.85 4,721.79 29,717.53 59801 32,498.21 2,241.93 2671.92 1155.8 823.61 110.28 69,817.29 2,0,45 5 4/a%tun ffl3 «" en eg3 G0 0¢ g 9 0 6 o z2 3 zi"' "' 5 5ls £ ·$! 0 er sg 3 "' a$ 2 en " No $ u ffm z o00 ft• c 5 s <D' <D' ffl Ne:i g v•gl8 " e 3 e 000 fflN 2 l N % 2 a8Num e 6"0N8 z:r "' N c «o r c r • 0o00£"um ! • 40 G0 ill5 G2N " • •� f 00 00 00 00 eNf$ g evNe a e m «oN	Rinlakhs A at 31t March 2024 Audited Restated (Rfernote 6) 37175.26 12222.95 929.78 - 83.03 0.01 38237 6636.96 65,69536 28,723.23 123 21418.8 7,70.53 3396.4 139.4 12025.67 734.36 1,39,10.72 1,6292 104 4557.72 47,292.08 26,29.3 6,269.4 0.36 2081 195.86 3,84.8 28516.3 33. 23577.69 1,3976 1,693.90 3556 6.8 436.78 5987.81 \ 1,39,10.72 > 2c eu m :;; 4o e m8 ¢:± «oN N: N00 a a z i o z• e cu "' o3l z rz ..e i c 0e m f 3 5 E £ 0Ee ee4 0oem R ce 3 £ £ rt_e0 mo40 «rm" a5•E#£ • 0o o"' e 5 ¢•'a N e o e :, •• 0 i± mN• «t • ± _2 V :e; oz 8 z 0o8 00"\ 6o zi s -a. 0 u e; 5 to o g 5& n ee 2 • g N ". ls .,	- f t -L e \	l

ConsolidatedStatement ofCash	Flos				Rin lakhs
Pariculars				For te	Forth
				Yearended	Yearended­
					Resed
				3103.2025	31.03.2024
					Adited
					Restated
				Adited	(Refernote 6)
ACH FLOW FROM OPERTING ACIVIIES
Net Proft before tax				16,16.17	119389
Alusted for
Dpreciation				80516	5,87267
InterestIncome				-83.05	-291.81
Cedt Risk Impired				2611	9.7
Cedt Rsk Aowance				4.12	1563
Lss /(Proft)onsale of fxed	asset(net)			-7.62	16
(Gain)/ Lss on Lease modifcation				-1.8	-.9
Re-measurement gains/(los ] on employ dfned bneft pans				-8131	-70.21
Re-measurementgains/(losses) on investments				007	0.1
Lsson current fnancialasset measured at FVPL				-.14	-.26
Unreaisd foreign exchange	diferenes			6573	100
Finane Csts				679.03	5,1421
Dividnd income				-02
Share basd ments				551
OpratingProftBeforeWoring	Capital Canges			302513	2078.
Cange inworking capital				235656	(1328.10
Cash generated fomoprtins				32,67.9	9,05.2
Direct TaxesPaid				(375.35)	(107.78
Netcash fo fom operating aciiies(A)				28,853.59	8,02.45
8. CAHFLOW FROM INVEING	ACE
Inestmnts in Subsiirs				(22579.5)
Purchas of Propr, Plant&equipmentand intangibles (inludng cptalworkin
prores andcpitl adances)				-281710	-22,587.98
ROU Aets as pr Ind A 116				-. .63	-2,41.32
Proeeds fromsle ofpropr	plant&equipment			762.87	9850
Dvidnd income reeivd				0.02
Interest incoe recivd				810.45	23461
Net csh used ininvestingAiiies -(B)				-53,621.91	-24,69.19
C.CH FLOW FROM FINANCING ACE
Fnance chares				-6,75622	-5,074
CshPavment for Principl prio of leas liabilit				3072.41	1420.5
Csh Payments forinterest prion of leas liabilit				(69.8	(130.36
Proeedsfrom Brrowings - Nonournt[ncluding current maturties)				24,4.26	21,41.93
Rpyment of Brrings - Noncorrent (includingcurrentmaturities)				-21,0801	-2,81.9
Pro ds/(re ments) of shor-termbrroings(Net)				-1,263.03	6777.66
Preeds frm EquiFuns				365.8
Purchs/sal of ownequitintrmnt				-398.14
Term Dpsit A ountwithfnanial institutions				-16.22	-8.51
Payment of Dvdnd Uncaimed Dividnd	'			-52917 -2.8	-33.13 -1.47
Net Cash used in Fnance Aiiies -(C)				26929.1	2035.98
Net increase/(Decrease)in Cash&Csh Equivalent(A+8+)				216.81	365224
OpningBalancein Cash and cash equivalent		"eT A ,		70.53	4052.29
Closing Balancein Cash and cash	equialent	A/	A	985.3	70.53
		d 7 i @/0/ • ' @$ @Ac~?			"

Notes to the financial results:

• The above financial results for the quarter and Year ended 31st March 2025 has b n reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on 21st April 2025.

• The financial results have b n prepared in accordance with the Indian A ounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013, and other generally accepted accounting principles in India and in terms of Regulations issued by the Securities and Exchange Board of India (SE8l).

• 3 The consolidated financial results include results of the following: a.Holding Company - Pitti Engineering Limited

• b.Wholly Owned Subsidiaries

• (i) Pitti Industries Private Limited (Formerly Bagadia Chaitra Industries Private Limited) w.e.f. 6th May 2024

• (ii)wholly Owned Subsidiary -Dakshin Foundry Private Limited w.e.ft. 25th July 2024

• 4 The figures of the fourth quarter are the balancing figures between the audited year-end figures and the published results upto the third quarter of the respective financial years. 5 The Board of Directors have recommended a final dividend of Rs.1.50(30%) per equity share of Rs. 5/- each for the year ended 31st March 2025 subject to approval of members of the Company at the ensuing 41st Annual General Meeting.

• 6 The Board of Directors approved the Scheme of Amalgamation on June 15, 2023, between Pitti Castings Private Limited (PCP!"), Pitti Rail and Engineering Components Limited ("PREC"), and Pitt Engineering Limited ("PEL"). The National Company Law Tribunal, Hyderabad, approved the Scheme on October 3, 2024, it became operative after filing with the Registrar of Companies on October 24, 2024 and it is effective from April 1, 2023. As per the Scheme, eligible shareholders of PCPt were allotted 21,88,772 equity shares of PEL on November 13, 2024, based on the agreed share exchange ratio. The financial results for respective applicable periods have b n restated according to the accounting treatment prescribed in the Scheme, in compliance with IndAS 103 and other applicable provisions.

• 7 Th e Nomination and Remuneration Committee of Pitti Engineering Limited, at its meeting held on 13th March 2025, approved the first grant of 7,87,500 employ stock options to eligible employ s of the Company and its subsidiaries. This grant is made under the shareholder-approved limit of 13,00,000 options as part of the Pitti ESOP Scheme 2024', at an exercise price of 736.2 per option. Furthermore, during the quarter ended 31st March 2025, the Pitti Engineering Limited Employ Welfare Trust (ESOP Trust) purchased 3,88,382 equity shares of the Company from the open market. The Company considers the ESOP Trust as its extension, and accordingly, the shares held by the Trust are treated as treasury shares in accordance with IND AS 32. For the accounting of employee stock options granted, the Company and its subsidiaries have adhered to the requirements of IND AS 102. The adjustment to the earnings per share due to the grant of options is anti-dilutive; hence, the basic and diluted earnings per share remain the same.

• 8 The Company has only one business segment, which is manufacturing of engineering products of lron and Steel, hence the reporting is done as a single segment. However, the geographical segment revenue and assets are as under: in lakhs

• Quarter Ended Year Ended

• Particulars 31.03.2025 31.1 024 31.03.2024 31.03.2025 31.03.2024 Audited Audited

• Audited Un-Audited Audited Restated Restated

• (Refer note 4) (Refer note 4&6) (Refer note 6)

• I. Segment Revenue a India 31.187.32 28.484.61 21,116.80 1,20,417.27 80,968.44 b) Outside India 15.690.39 13.013.23 12.473.26 5 39.44 43.447.07

• Total 46,877.71 41,497.84 33,590.06 1,70,456.71 1,24,415.51 ll. Segment Assets a) India 1,85,914.51 1,73,643.24 1,37,969.82 1,85,914.51 1,23,565.14 b) Outside India 14,49 7 15,564.16 1,134.90 14,49. 7 15.539.58

• Total 2,00,404.58 1,89,207.40 1,39,104.72 2,00,404.58 1,39,104.72 Figures for the previous quarter /year have b n regrouped and reclassified wherever necessary to corres nd with current year's presentation.

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Place: Hyderabad Date: 21st April 2025

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