Patel Engineering back in black; posts Rs 34 crore quarterly profit

The expenses during the said period were at Rs 1,082.13 crore as compared to Rs 791.13 crore in the March quarter of the previous fiscal.In a statement, Rupen Patel, Chairman Managing Director, said, We expect to continue the momentum going forward in coming quarters. The focus of the government towards infrastructure growth would enable the company to get more orders, he added.Our focus on core construction business and continuous efforts to monetise our non-core assets has enabled us to achieve a good growth in this year.

Construction company Patel Engineering Limited on Monday reported a Rs 33.58 crore consolidated net profit in the March quarter, boosted by higher income.

The company had reported a loss of Rs 145.95 crore in the January-March quarter of 2020-21 fiscal.

Its total income jumped to Rs 1,153.04 crore, from Rs 776.42 crore in the year ago quarter, the company said in a regulatory filing. The expenses during the said period were at Rs 1,082.13 crore as compared to Rs 791.13 crore in the March quarter of the previous fiscal.

In a statement, Rupen Patel, Chairman & Managing Director, said, ''We expect to continue the momentum going forward in coming quarters.'' The focus of the government towards infrastructure growth would enable the company to get more orders, he added.

''Our focus on core construction business and continuous efforts to monetise our non-core assets has enabled us to achieve a good growth in this year. With regular order inflows and focus on reduction of debt, we shall be able to achieve substantial growth in the future,'' Kavita Shirvaikar, Director and CFO of Patel Engineering said.

The company's current order book stands at Rs 15,011 crore.

Earlier, Shirvaikar had said that the company is implementing hydroelectric power projects worth around Rs 6,000 crore in Jammu & Kashmir, Arunachal Pradesh, Sikkim and Himachal Pradesh.

The Mumbai-based engineering, procurement, and construction (EPC) firm has a strong presence in tunnels and underground works for hydroelectric and dam projects.