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

The company's revenues from operations also surged to Rs 1,298.34 crore, from Rs 1,111.6 crore in the year ago quarter

Press Trust of India New Delhi

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Patel Engineering on Monday posted a four-fold jump in its consolidated net profit at Rs 84.3 crore during the March 2023 quarter, boosted by higher revenues.

It had clocked Rs 21.2 crore net profit during January-March quarter of preceding 2021-22 fiscal, the company said in a statement.

The company's revenues from operations also surged to Rs 1,298.34 crore, from Rs 1,111.6 crore in the year ago quarter.

Company's CMD Rupen Patel said: "This year has been exciting with new projects coming onboard and taking our order book to an all-time high beyond Rs 2,00,000 million. We have achieved improved revenue and profit figures showcasing the strength and resilience of our business in a competitive environment."

Kavita Shirvaikar, Director & CFO, said, The company won several water tunnel and irrigation projects in Maharashtra, Karnataka, and Madhya Pradesh during the quarter.

"We continue with our efforts to monetise non-core assets and have reduced debt by more than Rs 5,000 million in FY23 and we expect to continue further reduction in overall debt going forward," she said.

The Mumbai-based engineering, procurement, and construction (EPC) firm has a strong presence in tunnels and underground works for hydroelectric and dam projects.

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First Published: May 15 2023 | 4:21 PM IST

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