Patel Engineering gains on bagging two micro irrigation projects

Patel Engineering has been declared as the lowest bidder for two micro irrigation projects worth Rs 1,265 crore located in Madhya Pradesh and Karnataka from Water Resources Department, Government of Madhya Pradesh, and Visvesvaraya Jala Nigam

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Shares of Patel Engineering surged five percent intraday on March 16 after the company was declared lowest bidder for two micro irrigation projects worth Rs 1,265 crore located in Madhya Pradesh and Karnataka from Water Resources Department, Government of Madhya Pradesh, and Visvesvaraya Jala Nigam.

The company’s share in these orders is Rs 485 crore, it said in an exchange filing.

At 11:49 am, shares of the company were trading 2.9 percent higher at Rs 14.90 on the BSE.

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Patel Engineering said that Rs 998.75 crore contract is for the works including survey, investigation, designing, and construction of SHER Dams with all ancillary works including rising or gravity main and pipe distribution network works in Madhya Pradesh, and a Rs 266.38 crore contract is for the works including survey, design, supply, installation, testing and commissioning of Micro Irrigation System under Tumkur Branch Canal Package – III in Karnataka.

Majority of the company’s order book comprises of projects which are awarded by central or state governments or other government or public sector undertakings.

“In the recent past, we are declared L1 (lowest bidder) for four other irrigation projects located in Maharashtra, Madhya Pradesh and Karnataka,” said Rupen Patel, Chairman and Managing Director, Patel Engineering, while adding that with these two new L1 projects, its share of order wins including L1 in this financial year is around 5,900 crore.

However, despite an encouraging management commentary and outlook, the overall trend in the share price fails to reflect the enthusiasm. In the past three months, the stock is down closer to 30 percent.