Patel Engineering soars 5% post positive Q3FY22 earnings

10 Feb 2022 , 09:16 AM

Patel Engineering Ltd., a seven-decade old infrastructure and construction company has announced results for Q3FY22.

The company’s standalone Revenue from Operations for the quarter grew from Rs473.20cr to Rs760.10cr, i.e. a growth of 60.63% over corresponding quarter in the previous year. Operating EBITDA margins for Q3FY22 improved to 15.80% from 11.23% in Q3FY21 and increased by 25.38% to Rs.120.06 cr in Q3FY22 from Rs.95.76 cr in Q2 FY 22. PAT increased by 127.58% to Rs.9.31 cr in Q3FY22 as compared to a loss of Rs33.76 cr in Q3FY21.

On a consolidated basis, the Revenue from Operations for Q3FY22 grew by 61.4% to Rs877.93cr as compared to Rs544.05cr in Q3FY21 and Net Profit for the quarter stood at Rs29.48cr vs. a loss of Rs42.57cr in Q3FY21.

The strong growth for the quarter is a result of the commitment of the company and its employees to execute the projects undertaken in an efficient and timely manner and also reflects the continuous efforts of the government to spend upon and improve the infrastructure of the country.

Commenting on the Q3FY22 result, Rupen Patel, Chairman & Managing Director, Patel Engineering Ltd. said, “The Budget announcement by government shall give the required thrust to the infrastructure sector in the coming year and will definitely provide a boost to the economy. With the focus of the government towards the sector and steady growth in order book, this Calendar year 2022 should be one of the best years in the recent past for the company and shall bring the Company to new heights and make it one of the best in its class”.

Commenting on the result, Kavita Shirvaikar, Director & CFO, Patel Engineering Ltd. said “We shall continue to focus on reduction of debt and improving cash flows of the company by monetization of non-core assets and surplus generated from healthy order book.”

On Thursday morning trade, Patel Engineering was trading at Rs31.50 per piece higher by 5% on Sensex.