Construction & Engineering company Patel Engineering announced consolidated FY23 results: Revenue for FY23 is Rs 42,019.71 million a growth of 24.31% YoY Basic EPS up from Rs 1.51 to Rs 3.19 in FY23 Net Profit up by 181.43% at Rs 1,548.06 million as against Rs 550.06 million in FY22 Operating EBITDA reported at Rs 6,248.76 million as compared to Rs 5,277.32 million in FY22 Total Order Book as on 31st March 2023 stands at Rs 2,08,067 million (including L1) which is at an all-time high Rupen Patel, Chairman & Managing Director, Patel Engineering, said, “This year has been exciting with new projects coming onboard and taking our order book to an all-time high beyond Rs 2,00,000 million. We have achieved improved revenue and profit figures showcasing the strength and resilience of our business in a competitive environment. I also like to thank all stakeholders for their trust in us on our recent successful Rights Issue. Moving forward we remain committed to achieving exponential developments in the infrastructure segment of the country contributing to the overall economic development.” Commenting on the result, Kavita Shirvaikar, Director & CFO said, “I am extremely pleased to share the outstanding Q4 & FY 23 results we have achieved. The quarter has been incredible with the winning of water tunnel and irrigation projects in Maharashtra, Karnataka, and Madhya Pradesh. With such a steady stream of orders, we believe our revenue will increase significantly. Also, we continue with our efforts to monetize noncore assets and have reduced debt by more than Rs 5,000 million in FY23 and we expect to continue further reduction in overall debt going forward.” Result PDF
Construction & engineering firm Patel Engineering announced Q3FY23 results: Q3FY23: Revenue for Q3FY23 at Rs 10,369.77 million, 18.11% YoY growth. Operating EBITDA for Q3FY23 at Rs 1,637.48 million, 11.86% YoY growth. Total order book as of Q3FY23 stood at Rs 1,68,094 million. Patel Engineering 9MFY23 consolidated net profit up 109.89%. Q3FY23 standalone basis debt-equity ratio stood at 0.79. Sector-wise revenue contribution for Standalone Q3FY23 stood at hydro 52%, tunnel 21%, irrigation 13%, road 6%, and others 8%. Commenting on the performance, Mr. Rupen Patel, Chairman & Managing Director of Patel Engineering Limited said, “The performance of our company has improved significantly in the quarter due to growth in our operations. Our profitability for 9 months has more than doubled as compared to the corresponding previous year surpassing all targets. Infrastructure is the prime focus of the government with increased allocations in the budget and we expect to continue growing our order book. Hydropower remains one of the oldest sources of renewable energy and to achieve net zero goals it is going to be one of the focus area for energy consumption. Our expertise in the segment will be a key growth driver going forward apart from other infrastructure segments.” Commenting on the result, Ms. Kavita Shirvaikar, Director & CFO said, “We continue to focus on improving the leverage situation of the company along with improving operational efficiency to do this we continue to focus on monetizing non-core assets also we are in process of raising funds through the Rights Issue. This will help us in reaching our target of debt reduction and also help in funding the working capital requirements of the company.” Result PDF