Patel Engineering share price rises 10% as JV declared lowest bidder for Rs 1,567 cr projects

The company share in these new orders is Rs 1,006 crore.

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Patel Engineering’s share price added nearly 10 percent in the early trade on February 16 after the company along with its joint venture (JV) partners was declared the lowest bidder for projects worth Rs 1,567 crore.

Patel Engineering along with its JV partners have been declared the L1 bidder for Rs 1,567 crore worth of projects in Madhya Pradesh and Maharashtra, the company said in a press release. The company’s share in these new orders is Rs 1,006 crore.

These orders include the construction of a pressure irrigation system to supply water through the rising/gravity mains by pressurised pipeline system for micro-irrigation under the Rihand Micro Irrigation Project in Madhya Pradesh.

The order also includes investigation, design, construction, testing, and commissioning of works comprising civil and allied works under lift irrigation schemes no.1 and 2 of Krishna Marathwada Irrigation Project in the Osmanabad district of Maharashtra. All the projects are scheduled to be completed in 36 months.

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The continuous order inflows shall give visibility of growth of revenues for the coming years and shall enable to increase the bottom line, the company said in its release.

Further, the company recently received fresh funds of Rs 90 crore under Niti Aayog guidelines against bank guarantee for an arbitration award. The funds received have been utilised for the reduction of debt, it added.

“We are delighted to have been declared lowest (L1) for these projects, which should be converted to a Letter of Award (LOA) soon. Projects worth Rs 1,567 crore are further testimony to our commitment to construction and heavy civil engineering works, as the Infrastructure sector is a key driver for the Indian economy,” said Rupen Patel, Chairman & Managing Director of Patel Engineering.

“The projects underscore the trust and confidence reposed in us and going forward, it will spur expansion of our business as we continue to work on our strategic roadmap for the future,” he added.

The company posted 13.5 percent jump in its consolidated net profit of Rs 31.19 crore in the December quarter versus Rs 27.49 crore in in the corresponding quarter last year. Revenue from operations rose 18.1 percent to Rs 1,036.98 crore against Rs 877.94 crore year-on-year (YoY).

At 09:22 hours, Patel Engineering Company was quoting at Rs 15.10 up Rs 1.35 or 9.82 percent on the BSE.