Patel Engineering Q3 Profit Soars to Rs 70 Crore - Business News

New Delhi, Feb 12 (PTI) Patel Engineering Ltd (PEL) has reported a multi-fold jump in its consolidated net profit to Rs 70.2 crore during the quarter ended December 2023, supported by higher income.

It had clocked a net profit of Rs 19.4 crore during the October-December period of preceding 2022-23 financial year, the company said in an exchange filing.

The company's total income rose to Rs 1,076.1 crore from Rs 980.6 crore a year ago.

Expenses stood at Rs 1,030.9 in the reporting quarter as against Rs 940.5 crore in the third quarter of last fiscal.

In a separate statement, the company's CMD Rupen Patel said, "Our adaptability and resilience are evident in our increased turnover of Rs 3,200 crore in the nine-month period, marking a 19.17 per cent growth as against the corresponding period in the last year."

The company is expected to sustain an upward trajectory through various projects and joint ventures, he said.

Kavita Shirvaikar, whole-time director & CFO said, "With a focus on prudent financial management, this quarter's achievements reflect optimized resource utilization and sustainable profitability which has increased by 260.55 per cent to Rs 70.24 crore. In December, our robust order book totalling Rs 19,134.7 crore ensures sustained growth and value creation."

Mumbai-based Patel Engineering is an engineering, procurement, and construction (EPC) firm with a strong presence in tunnels and underground works for hydroelectric and dam projects.