Patel Engineering 9M FY23 Consolidated Net Profit Up 109.89%

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Mumbai (Maharashtra) [India], February 10: Patel Engineering Limited (NSE – PATELENG & BSE – 531120), One of the most integrated infrastructure and construction services conglomerates in India has announced its limited reviewed Financial Results for Q3 & 9M FY23.

Consolidated Q3FY23 financial highlights at a glance:

Revenue for Q3 FY23 at ₹ 10,369.77 Mn, 18.11% YoY growth
Operating EBITDA for Q3 FY23 at ₹ 1,637.48 Mn, 11.86% YoY growth.
Total Order Book as on 31st December 2022 stood at ₹ 1,68,094 Mn

Consolidated 9MFY23 financial highlights at a glance:

Revenue at ₹ 29,039.37 Mn; a 28.00% YoY growth
Operating EBITDA at ₹ 4,443.11 Mn; a 19.14%YoY growth
Net Profit at ₹42 Mn; a 109.89% YoY growth
Net profit Margin at 2.43%
Basic EPS ₹97 and Diluted EPS ₹1.55

Key Highlights (Standalone):

For Q3 FY23 Debt Equity Ratio stood at 0.79.

Sector wise Revenue contribution for Standalone Q3 FY23 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 areas 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.”

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