Patel Engineering becomes lowest bidder for Rs 1,026-crore project, shares gain 2%

City and Industrial Development Corporation (CIDCO) and Visvesvaraya Jala Nigam Ltd (VJNL) have declared the company a lowest bidder for Rs 1,026 crore project.

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Patel Engineering shares gained over 2 percent in early trade on February 22 after the company was declared the lowest bidder for a Rs 1,026-crore project.

City and Industrial Development Corporation (CIDCO) and Visvesvaraya Jala Nigam Ltd (VJNL) have declared Patel Engineering the lowest bidder for works, including design and construction of a long-treated water tunnel from Sai Village to Vindhane Village in Raigad District, the company said in a release.

The work included survey, design, supply, install, test and commission a micro-irrigation system under Tumkur Branch Canal in Karnataka.

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The micro-irrigation project, with a total value of Rs 470.67 crore is to be executed with a JV partner, where the company’s share is worth Rs 240.04 crore, while the water tunnel project worth Rs 555.83 crore is going to be executed without any joint venture partnership.

“With these orders we reach a total L1 of Rs 1,802 crore. Recently we were also declared L1 for projects in MP and Maharashtra to the tune of Rs 1,567 crore, our share being Rs 1,006 crore, which were also catering to irrigation systems,” Rupen Patel, Chairman and Managing Director at Patel Engineering, said.

“We are thankful to the CIDCO and VJNL management to declare us L1 for their projects and will work towards delivering the projects in 60 and 24 months, as stipulated in the bid. This would take our share of order wins in this financial year to more than Rs 5,400 crore,” he said.

The company in the quarter ended December 2022 reported a net profit at Rs 31.19 crore, up 13.5 percent from Rs 27.49 crore in December 2021. Revenue from operations rose 18 percent at Rs 1,036.97 crore versus Rs 877.94 crore, YoY.

“Our orderbook including all the L1 orders of Rs. 1,802 crore would stand at Rs 18,600 crore which gives us a good revenue visibility for the next 4-5 years,” he added.

At 9:16am, Patel Engineering traded at Rs 14.10, up Rs 0.30, or 2.17 percent, on the BSE.