Patel Engineering Ltd.
Q3FY23 Quarterly Result Announced for Patel Engineering Ltd.
Construction & engineering firm Patel Engineering announced Q3FY23 results:
- Revenue for Q3FY23 at Rs 10,369.77 million, 18.11% YoY growth.
- Operating EBITDA for Q3FY23 at Rs 1,637.48 million, 11.86% YoY growth.
- Total order book as of Q3FY23 stood at Rs 1,68,094 million.
- Patel Engineering 9MFY23 consolidated net profit up 109.89%.
- Q3FY23 standalone basis debt-equity ratio stood at 0.79.
- Sector-wise revenue contribution for Standalone Q3FY23 stood at hydro 52%, tunnel 21%, irrigation 13%, road 6%, and others 8%.
Commenting on the performance, Mr. Rupen Patel, Chairman & Managing Director of Patel Engineering Limited said, “The performance of our company has improved significantly in the quarter due to growth in our operations. Our profitability for 9 months has more than doubled as compared to the corresponding previous year surpassing all targets.
Infrastructure is the prime focus of the government with increased allocations in the budget and we expect to continue growing our order book.
Hydropower remains one of the oldest sources of renewable energy and to achieve net zero goals it is going to be one of the focus area for energy consumption. Our expertise in the segment will be a key growth driver going forward apart from other infrastructure segments.”
Commenting on the result, Ms. Kavita Shirvaikar, Director & CFO said, “We continue to focus on improving the leverage situation of the company along with improving operational efficiency to do this we continue to focus on monetizing non-core assets also we are in process of raising funds through the Rights Issue.
This will help us in reaching our target of debt reduction and also help in funding the working capital requirements of the company.”