Construction & Engineering company Patel Engineering announced Q2FY24 results: Revenue for Q2FY24 is Rs 10,213.13 million a growth of 23.0% YoY Operating EBITDA for Q2FY24 at Rs 1,400.67 million up by 18.08% as compared to Rs 1,186.16 million in Q2FY23 Net Profit for Q2FY24 at Rs 321.98 million up by 63.38% as against Rs 197.07 million in Q2FY23 Total order book as of September 30, 2023, stands at Rs 2,00,033 million (including L1) Rupen Patel, Chairman & Managing Director, Patel Engineering said, “With the substantial investment in infrastructure, the company has recorded impressive progress in the second quarter of FY24. With a surge in revenue and profitability, we've showcased our adaptability and resilience in the face of economic challenges. Our enthusiasm knows no bounds as we embark on India's largest-ever Hydropower Project, The Dibang Hydropower Project while fostering effective collaborations and cooperation. Achieving a turnover of Rs 10,213.13 million, representing an impressive 23.00 percent increase from the previous year, our commitment to sustainable infrastructure development remains unwavering. As we move forward, we remain focused on our vision for sustainable infrastructure development and are excited about the opportunities that lie ahead in terms of various projects and executions. We are confident that the forthcoming quarters and the ongoing financial year will sustain the company's upward trajectory.” Commenting on the result, Kavita Shirvaikar, Whole-Time Director & CFO said, “The company has achieved significant milestones, underscoring our commitment to financial discipline and strategic decision-making acumen. This quarter's performance is a testament to our effective cost management, optimized revenue generation, and robust profitability. Our current order book stands at 2,00,033 million, encompassing ongoing developments and projects. We extend gratitude to our shareholders and authorities for their continued trust in the company. We remain focused on sustaining this positive momentum, exploring new opportunities, and enhancing shareholder value through the reinforcement of fiscal strategies and the adoption of key growth drivers." Result PDF
Patel Engineering announced Q1FY24 results: Revenue for Q1FY24 is Rs 11,186.11 million a growth of 24.14% YoY Operating EBITDA reported at Rs 1,705.63 million as compared to Rs 1,338.60 million in Q1FY23 Net profit at Rs 382.88 million as against Rs 312.50 million in Q1FY23 Total order book as on June 30, 2023, stands at Rs 2,00,142 million (including L1) Rupen Patel, Chairman & Managing Director, Patel Engineering, said, “The company has exceeded forecasts for the quarter and demonstrated exceptional performance compared to the same period in the previous quarter. All of our business segments experienced significant revenue increases this quarter. The influx of recent projects will contribute significantly towards improvement in the company's overall financial performance. We are confident that the upcoming quarters in the current financial year will maintain the company's upward trend. To help achieve maximum output for the upcoming quarters, we remain focused on sustaining our growth in core EPC business and taking full advantage of the opportunities available towards the development of India’s Infrastructure and thereby improving stakeholder value in the long run.” Commenting on the result, Kavita Shirvaikar, Whole-time Director & CFO 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. Our resilient financial performance is a testament to our conscientious approach to cost management and our capacity to seize emerging opportunities. Casting our gaze towards the future, we maintain an optimistic outlook regarding the potential of our company, simultaneously concentrating on fortifying our fiscal strategies." Result PDF