Patel Engineering Net Profit Grows To Rs 84.3 Cr In March Quarter

Listen to This Article

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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

RECENT NEWS

BoE Loosens Capital Rules

The Bank of England has taken a significant step towards easing post-crisis regulation by lowering its estimate of the c... Read more

Monzo Looks For US Banking License

Monzo is preparing a renewed push to secure a US banking licence, four years after abandoning its first attempt when tal... Read more

Crypto Firms Push Into US Banking

America’s cryptocurrency companies are scrambling to secure a foothold in the country’s traditional banking system, ... Read more

Parallel Banking: Stablecoins Are Now Global

Parallel Banking: How Stablecoins Are Building a New Global Payments SystemStablecoins—digital currencies pegged to tr... Read more

JPMorgan Deploys AI Chatbot To Revolutionize Research And Productivity

JPMorgan has deployed an AI-based research analyst chatbot to enhance productivity among its workforce, with approximate... Read more

Private Equity And Banks: The Complex Web Of Leverage

Private equity has emerged as a significant force in the global financial landscape, driving substantial growth and inve... Read more