Construction & Engineering company Patel Engineering announced Q3FY24 & 9MFY24 results:
Consolidated Q3FY24:
- Revenue from Operations: Rs 10,610.05 million in Q3FY24 compared to Rs 9,546.30 million in Q3FY23, showing a growth of 11.14%.
- Operating EBITDA: Rs 1,420.88 million in Q3FY24 compared to Rs 1,401.35 million in Q3FY23, indicating a slight growth of 1.39%.
- Net Profit: Rs 702.43 million in Q3FY24 compared to Rs 194.82 million in Q3FY23, representing a significant growth of 260.55%.
- Diluted EPS from continuing operations: Rs 0.87 in Q3FY24 compared to Rs 0.32 in Q3FY23, showing an increase of 55 basis points.
- Total Order Book as on December 31, 2023 stands at Rs 1,91,347 million (including L1)
Standalone Q3FY24:
- Revenue from Operations: Rs 10,523.09 million in Q3FY24 compared to Rs 9,293.89 million in Q3FY23, indicating a growth of 13.23%.
- Operating EBITDA: Rs 1,447.40 million in Q3FY24 compared to Rs 1,307.12 million in Q3FY23, showing a growth of 10.73%.
- Net Profit: Rs 429.75 million in Q3FY24 compared to Rs 213.97 million in Q3FY23, representing a growth of 100.85%.
- Diluted EPS from continuing operations: Rs 0.55 in Q3FY24 compared to Rs 0.38 in Q3FY23, showing an increase of 17 basis points.
Consolidated 9MFY24:
- Revenue from Operations: Rs 32,009.29 million for 9MFY24 compared to Rs 26,860.83 million for 9MFY23, showing a growth of 19.17%.
- Operating EBITDA: Rs 4,527.18 million for 9MFY24 compared to Rs 3,926.11 million for 9MFY23, indicating a growth of 15.31%.
- Net Profit: Rs 1,407.29 million for 9MFY24 compared to Rs 704.40 million for 9MFY23, representing a significant growth of 99.79%.
- Diluted EPS from continuing operations: Rs 2.02 for 9MFY24 compared to Rs 1.19 for 9MFY23, showing an increase of 83 basis points.
Standalone 9MFY24:
- Revenue from Operations: Rs 31,551.18 million for 9MFY24 compared to Rs 26,249.43 million for 9MFY23, indicating a growth of 20.20%.
- Operating EBITDA: Rs 4,325.29 million for 9MFY24 compared to Rs 3,644.75 million for 9MFY23, showing a growth of 18.67%.
- Net Profit: Rs 2,149.97 million for 9MFY24 compared to Rs 717.70 million for 9MFY23, representing a substantial growth of 199.56%.
- Diluted EPS from continuing operations: Rs 2.72 for 9MFY24 compared to Rs 1.21 for 9MFY23, showing an increase of 151 basis points.
Rupen Patel, Chairman & Managing Director, Patel Engineering said, “Our unwavering commitment to excellence, coupled with our expertise in hydropower and irrigation construction, has enabled us to achieve significant milestones. Our adaptability and resilience are evident in our increased turnover of ~ Rs 3,200 crore in the nine months, marking a 19.17 percent growth as against the corresponding period in the last year. As we move forward, we remain earnest in our vision to deliver comprehensive solutions through our profound experience and technological prowess. We are confident that the forthcoming quarter and the coming years will sustain the company's upward trajectory through various projects, joint ventures, and our commitment towards excellence, quality, performance, and reliability.”
Commenting on the result, Kavita Shirvaikar, Whole-time Director & CFO said, “Patel Engineering's pivotal role in key hydropower projects currently being developed and those already in operation in the country, underscores our commitment to infrastructure development and leadership in the industry. With a focus on prudent financial management, this quarter's achievements reflect optimized resource utilization and sustainable profitability which has increased by 260.55% to Rs 70.24 crore. Our robust order book totaling Rs 19,134.7 crore ensures sustained growth and value creation. We remain steadfast in our resolve to fortify shareholder value through sound fiscal strategies and strategic growth initiatives while contribution to quality advancement in the country rests within our core."