Patel Engineering Q2 PAT Surges 95.05% to Rs 73.44 Cr

New Delhi, Nov 13 (PTI) Patel Engineering Ltd on Wednesday reported a 95.05 per cent rise in consolidated net profit after tax to Rs 73.44 crore in the quarter ended September 30, 2024 on account of higher revenues.

It had posted a Rs 37.65 crore net profit after tax (PAT) from continuing operations during the year-ago period, the company said in a regulatory filing.

Total income of the company rose to Rs 1,230.98 crore in the July-September quarter, from Rs 1,046 crore in the same period a year ago.

As of September 30, 2024 the consolidated gross debt of the company stood at Rs 1,437.7 crore, compared to Rs 1,885.5 crore as on March 31, 2024.

"Our performance in Q2FY25 highlights continued growth and operational efficiency, with revenue increasing by 14.98 per cent and significant gains in profitability, despite it being a monsoon period," said Kavita Shirvaikar, Managing Director.

Patel Engineering in a statement said the quarter saw significant project progress across key sectors such as hydro-power, irrigation and tunneling affirming Patel Engineering's commitment to supporting India's critical infrastructure needs.

The Mumbai-based engineering, procurement, and construction firm has a strong presence in tunnels and underground works for hydroelectric and dam projects.