New Delhi [India], August 9 (ANI/PNN): Patel Engineering Limited (NSE - PATELENG & BSE - 531120), One of the most integrated infrastructure and construction services conglomerates in India has announced its limited reviewed Financial Results for Q1 FY23.
Key financial highlights:
Consolidated revenues for the quarter were at Rs 973.91 crore; up 46.18 per cent
Operating EBITDA for Q1 FY23 at Rs 149.83 crore; 43.94 per cent YoY growth.
Consolidated Net Profit increased by Rs 29.51 crore YoY to Rs 31.25 crore.
Total Order Book as on 30th June 2022 stood at Rs 17,824 crore
New Orders received in Q1 FY23 ~ Rs 3,300 Crore.
For Q1 FY23 Debt Equity Ratio stood at 0.77.
Sector wise Revenue contribution for Q1 FY23 stood at Hydro 49 per cent, Tunnel 22 per cent, Irrigation 15 per cent, Road 8 per cent, and Others 6 per cent.
Commenting on the performance, Rupen Patel, Chairman & Managing Director of Patel Engineering Limited said, "The performance of the Company for the quarter has surpassed estimates and has improved drastically as compared to corresponding quarter in previous year. The dedication of our employees with the support of all our clients and our stakeholders shall enable the company to perform even better in the coming quarters and to achieve great success. Our current order book is at an all-time high. We expect to continue getting fresh orders in the future and keep contributing to build the infrastructure of the nation."
Commenting on the result, Kavita Shirvaikar, Director & CFO said, "Our commitment to achieve growth and success continues and the results in the first quarter has laid the foundation for the performance of the current year. We shall continue to bid selectively and take projects which are self-sustaining with reasonable margins and shall leave no stone unturned in our efforts to reduce debt by monetizing our non-core assets."
Patel Engineering Limited. ('PEL' or 'Company'), is a 73-year company established in the year 1949 having a strong presence in tunnels and underground works for hydroelectric and dam projects.
The Company has a consistent track record in execution of projects in domestic and international arena. The Company has completed over 85 dams, 40 hydroelectric projects and more than 300 km of tunneling for clients which are mostly central PSUs or state government organizations.
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