The shares of this Infrastructure and Construction services provider gained up to 6 percent after the company bagged Canal works from KM 66 to KM 76 and KM 77 to KM 87 Irrigation Projects in a joint venture.
With a market capitalization of Rs 4,895.45 crore, the shares of Patel Engineering Ltd were trading at Rs 63.28 per share, increasing around 4.04 percent as compared to the previous closing price of Rs 60.82 apiece.
According to the company filing, Patel Engineering Ltd has received a letter of award from Maharashtra Krishna Valley Development Corporation, Pune, for the construction of a pipeline distribution network for Nira Deoghar Right Bank Main Canal Km 66 to Km 76, as well as Km 77 to Km 87, which were previously designated as L1.
Furthermore, The Company is a 40 percent partner in the JV, its share in the project is Rs. 174.57 crore.
The company’s portfolio includes tough dams like the Serlui Earthen Dam in Ghatghar, which is one of the first three RCC dams in India and among the top 40 globally. The business also handled subterranean powerhouses and associated constructions.
Looking into the company’s performance, Patel Engineering Ltd’s revenue increased by 23 percent from Rs 830 Crore in Q2FY23 to Rs 1,021 Crore in Q2FY24. During the same period, net profits increased by 65 percent from Rs 23 crore to Rs 38 crore.
The company’s projects include the Sela bi-lane road tunnel, which is 13800 feet above sea level, and the 25-kilometer East-West Corridor in Assam. PEL has not only built highways, bridges, and roads, but also has an unequaled reputation for dependability, capacity, and creativity on high-altitude roadways.
In six months, the stock returned 44.91 percent, and 313.30 percent in a year. A one-year investment of Rs 1 lakh in the firm will be worth Rs 4.13 lakh.
Patel Engineering Ltd builds dams, bridges, tunnels, highways, piling works, industrial structures, and other large civil engineering projects in fields such as hydro, irrigation water supply, urban infrastructure, and transportation.
Written by:- Abhishek Singh
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