Patel Engineering's Profit Tumbles Amidst Rising Provisions

Patel Engineering experienced a sharp decline in net profit to Rs 34.7 crore due to increased provisions for investment impairments. Despite this, total income grew by 19% to Rs 1,637.2 crore. The company's revenue surpassed Rs 5,000 crore, demonstrating consistent growth, and it holds a strong order book.

Patel Engineering reported a steep decline in its net profit to Rs 34.7 crore for the March quarter, attributed to hefty provisions for investment impairments and write-offs.

The company previously posted a net profit of Rs 140.9 crore for the same period in the previous year, as disclosed in its exchange filing. Despite the profit drop, total income rose by 19% to Rs 1,637.2 crore from Rs 1,374.3 crore compared to last year.

CEO Kavita Shirvaikar highlighted that the company surpassed Rs 5,000 crore in revenue for the first time, emphasizing its growth and efficiency. With a robust order book of Rs 15,218 crore, Patel Engineering continues to maintain a strong position in the hydropower, tunnelling, and irrigation sectors.

(With inputs from agencies.)