Patel Engineering Ltd. announces Q3FY22 results
- Q3FY22 consolidated operations revenue increased 61.4% YOY and for 9MFY22 it is up 79.9% YOY.
- Consolidated net profit for Q3FY22 is Rs 29.48 crore compared to a loss of Rs 42.57 crore in Q3FY21
- Q3FY22 standalone operations revenue increased 60.6% YOY and for 9MFY22 it is up 81.4% YOY.
- Standalone PAT for Q3FY22 is Rs. 9.31 crore against a loss of Rs. 33.76 crore in Q3FY 21.
Mumbai, February 9, 2022:Patel Engineering Ltd., a seven-decade-old infrastructure and construction company, today announces its results for Q3FY22.
The company’s standalone operating revenue for the quarter increased from Rs. 473.20 crore to Rs. 760.10 crore, representing a growth of 60.63% compared to the corresponding quarter of 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 at Q2 FY 22. PAT increased by 127.58% to Rs.9.31 cr at T3FY22 compared to a loss of Rs. 33.76 cr at T3FY21.
On a consolidated basis, operating revenue for Q3FY22 increased by 61.4% to Rs. 877.93 crore from 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.
The strong growth in the quarter is the result of the commitment of the company and its employees to execute the projects undertaken in an efficient and timely manner and also reflects the government’s continuous efforts to spend and improve the country’s infrastructure.
Commenting on the FY22 third quarter result, Mr. Rupen Patel, Chairman and Managing Director of Patel Engineering Ltd., said, “The government’s budget announcement will provide much needed boost to the infrastructure sector over the of the coming year and will certainly give a boost to the economy. With the government’s focus on the sector and the steady growth of the order book, this calendar year 2022 is expected to be one of the best years in the recent past for the company and will take the company to new heights and in will be one of the best in its class”.
Commenting on the result, Ms Kavita Shirvaikar, Director and Chief Financial Officer of Patel Engineering Ltd., said: “We will continue to focus on reducing debt and improving the cash flow of the business by monetizing non-current assets. essentials and the surplus generated by a healthy order book. .”
About the company
Patel Engineering Ltd. (“PEL” or “Company”), is a 73-year-old company established in 1949 and has a strong presence in tunnels and underground works for hydroelectric and dam projects. The Company has a consistent track record in executing projects nationally and internationally. PEL has completed more than 85 dams, 40 hydroelectric projects and more than 300 km of tunnels for clients who are mostly central UAPs or state government organizations.
Company details –
This is an excerpt from the original content. To continue reading it, access the original document here.
Patel Engineering Limited published this content on February 09, 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unmodified, on February 09, 2022 08:28:07 UTC.