Patel Engineering and JV partner bag order worth ₹317.60 crore from Maharashtra government, shares up 3%

The work involves construction of water lifting arrangement work for first stage from submergence of Jigaon project including civil, mechanical, electrical component and allied works. The firm said the project is to be completed in a period of 24 months.

The project is is to be executed in a joint venture, in which Patel Engineering’s share is 35%, it pointed out.

Kavita Shirvaikar, Acting Managing Director, Patel Engineering said the project will be instrumental in boosting agricultural productivity and enhancing water management in the region.

Patel Engineering has a presence in hydropower, irrigation, tunnels and underground works for hydroelectric and dam projects. The company has completed over 85 dams, 40 hydroelectric projects and more than 300 km of tunnelling for clients which are mostly central public sector units (PSUs) or state government organisations.

During the fourth quarter of fiscal year 2024, Patel Engineering reported 11.46% year-over-year (YoY) rise in its consolidated revenue from operations at ₹1,343.18 crore. Operating earnings before interest, tax, depreciation, and amortisation (EBITDA) rose 40.62% YoY to ₹237.58 crore. Operating EBITDA margin improved to 17.69% from 14.02% in the same period a year ago.

Net profit from continuing operations rose 51.72% YoY to ₹123.37 crore during the quarter. Profit margins improved to 9.19% from 6.75% in the same quarter a year ago.

The company said that over the past few years, it has monetised non-core asset for reduction of debt and it will continue to do so in the future as well. In the last fiscal year, the company has managed to reduce the net serviceable debt by ₹330.98 crore.

Shares of the company have lost nearly 15% since the beginning of the year. The stock has fallen risen nearly 9% in the last one year.