Patel Engineering's Strategic Growth Amidst Profit Dip

Patel Engineering reported an 11.73% decline in net profit for the September quarter but maintained a robust order book of Rs 15,146 crore. The company plans to raise Rs 500 crore through a rights issue and received significant orders, highlighting its strategic positioning in the infrastructure sector.

Patel Engineering announced an 11.73% decline in consolidated net profit, recording Rs 64.7 crore in the September quarter, compared to Rs 73.3 crore the previous year. Despite the profit dip, the company plans to raise Rs 500 crore through a rights issue, reinforcing its growth strategies.

The company's income rose to Rs 1,271.6 crore from Rs 1,230.9 crore year-on-year. For the fiscal half-year ended September, net profit increased by 20% to reach Rs 144.7 crore, compared to Rs 121.1 crore a year ago.

Key orders included a Rs 240 crore contract for the Teesta-V project in Sikkim. Managing Director Kavita Shivaikar emphasized their strong order book, valued at Rs 15,146 crore, and the focus on enhancing execution efficiencies and expanding market presence.

(With inputs from agencies.)