Patel Engineering Ltd on Saturday reported a 78 per cent rise in its consolidated net profit after tax to ₹140.35 crore for the March 2024 quarter on account of higher revenues. It had posted a ₹78.83 crore "net profit after tax (PAT) from continuing operations" during the year-ago period, the company said in an exchange filing.
The company's revenue from operations also rose by 11 per cent to ₹1,343.18 crore from ₹1,205.06 crore in the January-March quarter of the preceding 2022-23 fiscal. Its total order book was ₹18,663 crore as of March 31, 2024.
Its Whole Time Director and CFO Kavita Shirvaikar said, "The company has notched impressive milestones in the last quarter. Our robust financial strides underscore our disciplined cost management ethos and adeptness in capitalising on emergent prospects. Our vision remains bright, fuelled by a buoyant outlook on our company's potential, all while intensifying our fiscal strategies for greater resilience in the market".
The Mumbai-based engineering, procurement, and construction firm has a strong presence in tunnels and underground works for hydroelectric and dam projects.
- Also read: Broker’s call: Patel Engineering (Buy)