Patel Engineering declares Q3FY22 result: Consolidated Revenue from operations for Q3FY22 increased by 61.4% YoY and for 9MFY22 it is up by 79.9% YoY Consolidated Net Profit for Q3FY22 is Rs.29.48 crore vs. a loss of Rs.42.57 crore in Q3FY21 Standalone Revenue from operations for Q3FY22 increased by 60.6% YoY and for 9MFY22 it is up by 81.4% YoY. Standalone PAT for Q3FY22 is Rs. 9.31 crore vs. a loss of Rs. 33.76 crore in Q3FY 21. The company’s standalone Revenue from Operations for the quarter grew from Rs. 473.20 crore to Rs. 760.10 crore, i.e. a growth of 60.63% over corresponding quarter in the previous year. Operating EBITDA margins for Q3FY22 improved to 15.80% from 11.23% in Q3FY21 and increased by 25.38% to Rs.120.06 cr in Q3FY22 from Rs.95.76 cr in Q2 FY 22. PAT increased by 127.58% to Rs.9.31 cr in Q3FY22 as compared to a loss of Rs. 33.76 cr in Q3FY21 On a consolidated basis, the Revenue from Operations for Q3FY22 grew by 61.4% to Rs. 877.93 crore as compared to Rs. 544.05 crore in Q3FY21 and Net Profit for the quarter stood at Rs. 29.48 crore vs. a loss of Rs. 42.57 crore in Q3FY21. Commenting on the Q3FY22 result, Mr. Rupen Patel, Chairman & Managing Director, Patel Engineering Ltd. said, “The Budget announcement by government shall give the required thrust to the infrastructure sector in the coming year and will definitely provide a boost to the economy. With the focus of the government towards the sector and steady growth in order book, this Calendar year 2022 should be one of the best years in the recent past for the company and shall bring the Company to new heights and make it one of the best in its class”. Commenting on the result, Ms. Kavita Shirvaikar, Director & CFO, Patel Engineering Ltd. said “We shall continue to focus on reduction of debt and improving cash flows of the company by monetization of non-core assets and surplus generated from healthy order book.” Result PDF
Highlights: Revenue from Operations up by 97.1% for H1FY22 to Rs. 1,226.91 cr from 622.42 cr in H1FY21 & increased by 64.4% in Q2FY22 to Rs. 651.56 cr from 396.30 cr in Q2FY21. PAT increased by 111.9% to Rs. 6.11 cr in Q2FY22 Vs. a loss of Rs. 51.20 cr in Q2 FY 21. The company’s standalone Revenue from Operations for the quarter grew by 64.4% to Rs.651.56 crore from Rs. 396.30 crore marking a strong growth over corresponding quarter in the previous year. Operating EBITDA for Q2 FY22 increased by 169.2% to Rs. 95.76 cr from Rs. 35.57 cr in Q2 FY21. PAT increased by 111.9% to Rs. 6.11 cr in Q2FY22 as compared to a loss of Rs. 51.20 cr in Q2 FY21. The strong growth for the quarter reflects the thrust of the government for improving the infrastructure of the country especially hydro power projects, railway & road tunnels etc. Commenting on the Q2FY22 result, Mr. Rupen Patel, Chairman & Managing Director, Patel Engineering Ltd. said, “There is no doubt that the pandemic has pushed every sector into uncharted territory, however the post-pandemic environment has introduced several new market dynamics, which present with them new prospects for the construction and infrastructure sector. As we complete Q2FY22 and usher into Q3FY22, with a slew of initiatives to further consolidate our position as the one of the leading players in the sector”. Commenting on the result, Ms. Kavita Shirvaikar, Director & CFO, Patel Engineering Ltd. said “We have focused towards sustainability and recovery in the last quarter, but now we aim towards growth with increase in order book that will help us build a healthy cash flow from margins generated. Also we shall continue to focus on monetization of non-core assets and reduce further debt. Result PDF