- 07 Aug 2024
- ICICI Securities
Patel Engineering along with JV partner bagged an irrigation project
PATELENG - 59 Change: 0.29 (0.49 %)News: Patel Engineering along with JV partner bagged an irrigation project worth ₹317.60 crore from the office of executive engineer, Government of Maharashtra. Patel Engineering’s share in the contract is worth ₹111.16 crore, the works involve construction of water lifting arrangement work for first stage from submergence of Jigaon project. The project is located in Maharashtra and is to be completed in a period of 24 months.
Views: This is the second order of FY25 as the company had earlier bagged an irrigation project worth ₹343 crore in JV of which Patel’s share was 35% (₹120 crore). The new orders will help drive the topline and improve earnings visibility. we expect Patel to be a key beneficiary of the strong opportunity from key segments such as hydro and irrigation.
Impact: Positive