Patel Engineering net profit grows to Rs 84.3 cr in March quarter

Patel Engineering on Monday reported a fourfold jump in its consolidated net profit at Rs.84.3 crore during the March 2023 quarter, buoyed by higher revenue.

The company said in a statement that it recorded a net profit of Rs. 21.2 crore during the January-March quarter of the previous financial year 2021-22.

The company’s revenue from operations also rose to Rs.1,298.34 crore, from Rs.1,111.6 crore in the year-ago quarter.

CMD Rupen Patel of the company said, “This has been an exciting year with new projects on board and taking our order book to an all-time high of over Rs 2,00,000 million. We delivered improved revenue and earnings numbers that show the strength and resilience of our business at competitive environment.”

Kavita Shervaikar, Principal and Chief Financial Officer, said the company won several water tunnel and irrigation projects in Maharashtra, Karnataka and Madhya Pradesh during the quarter.

“We are continuing our efforts to monetize non-core assets, reduced debt by more than 5,000 million rupees in FY23 and expect to continue further reduction in total debt in the future,” she said.

The Mumbai-based Engineering, Procurement and Construction Company (EPC) has a strong presence in tunneling and underground works for hydropower and dam projects.

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First published: May 15, 2023 | 4:21 p.m ist