Patel Engineering Q1 net profit rises 22 pc to Rs 38 crore

Patel Engineering on Thursday posted a 22.52 per cent rise in its consolidated net profit to Rs 38.3 crore during the June quarter on account of higher revenues. The companys revenues increased to Rs 1,118.6 crore in the first quarter of the current fiscal from Rs 901.1 crore in the year-ago quarter, a rise of 24 per cent.

Patel Engineering on Thursday posted a 22.52 per cent rise in its consolidated net profit to Rs 38.3 crore during the June quarter on account of higher revenues. It had clocked Rs 31.25 crore net profit in the year-ago period, the infrastructure player said in a statement. The company's revenues increased to Rs 1,118.6 crore in the first quarter of the current fiscal from Rs 901.1 crore in the year-ago quarter, a rise of 24 per cent. ''All our business segments saw significant revenue increase this quarter. The influx of recent projects will contribute significantly towards the improvement in the company's overall financial performance,'' Rupen Patel, chairman and managing director (CMD), Patel Engineering, said in the statement.

''We are confident that the upcoming quarters in the current financial year will maintain the company's upward trend,'' he said. According to the statement, the Mumbai-based company's operating Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) was at Rs 170.6 crore as compared to Rs 133.8 crore in the first quarter, and its order book as on June 30 stood at Rs 20,014.2 crore (including L1 contracts). Patel Engineering Whole-Time Director and Chief Financial Officer Kavita Shirvaikar said, ''The company has achieved commendable advancements during the first quarter of FY24. It has made substantial strides in terms of profits and we will persist in efficiently delivering and upholding the company's productivity level in the coming future.''