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Patel Engineering has bagged two infrastructure projects worth ₹1,027 crore in Maharashtra and Karnataka.
City and Industrial Development Corporation and Visvesvaraya Jala Nigam have awarded Patel Engineering for laying a water tunnel from Sai Village to Vindhane Village in Raigad and a Micro Irrigation System under Tumkur Branch Canal in Karnataka.
The Micro Irrigation project with a total value of ₹471 crore is to be executed with a joint venture partnership, of which PEL’s share is worth ₹240 crore while the water tunnel project worth ₹556 crore will be executed alone by the company, it said. The majority of the company’s order book comprises projects which are awarded by central and state governments or public sector undertakings, it added.
The micro irrigation project comprises of gravity bulk feeders, construction of a Sump cum Pump house, Electrical Substation, Supply and Installation of Pumping Machineries besides other appurtenant works such as the construction of a Pipe Distribution Network and Drip Irrigation System and Automation to cover an area of 15,090.21 hectares while the Water Tunnel Project looks to cover a distance of 6.70 kms.
Rupen Patel, Chairman and Managing Director, Patel Engineering said with these orders the company reaches a total L1 (lowest cost) of ₹1,802 crore. Recently the company was declared L1 for irrigation projects in MP and Maharashtra for ₹1,567 crore and the company’s share was ₹1,006 crore.
The orders won by the company in this financial year was over ₹5,400 crore.
The company registered a net profit of ₹69 crore in FY’22 as against a loss of ₹273 crore in FY21. Its net profit more than doubled to ₹70 crore in nine months ended December.
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