Patel Engineering bags ₹ 1,026cr project bid, stock surges 2%

Patel Engineering bags ₹ 1,026cr project bid, stock surges 2%

Patel Engineering Emerges as Lowest Bidder for Rs 1,026 Crore Water Tunnel Project

Patel Engineering, the well-known infrastructure construction and development company, has been declared the lowest bidder for a water tunnel project worth Rs 1,026 crore. City and Industrial Development Corporation (CIDCO) and Visvesvaraya Jala Nigam Ltd (VJNL) have awarded Patel Engineering the project, which includes the design and construction of a long-treated water tunnel from Sai Village to Vindhane Village in Raigad District.

The project involves survey, design, supply, installation, testing, and commissioning of a micro-irrigation system under Tumkur Branch Canal in Karnataka. The micro-irrigation project is valued at Rs 470.67 crore and will be executed with a joint venture partner, while the water tunnel project worth Rs 555.83 crore will be executed without any joint venture partnership.

Rupen Patel, Chairman and Managing Director at Patel Engineering, expressed his gratitude to the CIDCO and VJNL management for awarding the project to them. The company aims to complete the projects within the stipulated 24-60 months, and this order win takes their share of order wins in the financial year to more than Rs 5,400 crore.

Patel Engineering reported a net profit of Rs 31.19 crore in the quarter ended December 2022, up 13.5 percent from Rs 27.49 crore in December 2021. Its revenue from operations increased by 18 percent to Rs 1,036.97 crore, YoY. The company’s order book, including all the L1 orders of Rs. 1,802 crore, would stand at Rs 18,600 crore, which provides good revenue visibility for the next 4-5 years.

As of 9:16 am, Patel Engineering shares were up 2.17 percent at Rs 14.10 on the BSE, reflecting the market’s positive reaction to the news.

About Patel Engineering:

Patel Engineering Ltd is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works in areas like hydro, irrigation & water supply, urban infrastructure and transport.

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