Mumbai: Patel Engineering Limited (NSE – PATELENG & BSE – 531120), One of the most integrated infrastructure and construction services conglomerates in India has announced its limited reviewed Financial Results for Q3 & 9M FY23.
Key Highlights (Standalone):
- For Q3 FY23 Debt Equity Ratio stood at 0.79.
- Sector wise Revenue contribution for Standalone Q3 FY23 stood at Hydro 52%, Tunnel 21%, Irrigation 13%, Road 6%, and Others 8%.
Commenting on the performance, Mr. Rupen Patel, Chairman & Managing Director of Patel Engineering Limited said, “The performance of our company has improved significantly in the quarter due to growth in our operations. Our profitability for 9 months has more than doubled as compared to corresponding previous year surpassing all targets. Infrastructure is the prime focus of the government with increased allocations in budget and we expect to continue growing our order book. Hydro power remains one of the oldest source of renewable energy and to achieve net zero goals it is going to be one of the focus area for energy consumption. Our expertise in the segment will be a key growth driver going forward apart from other infrastructure segments.”
Commenting on the result, Ms. Kavita Shirvaikar, Director & CFO said, “We continue to focus on improving leverage situation of the company along with improving operational efficiency to do this we continue to focus on monetizing non-core assets also we are in process of raising funds through the Rights Issue. This will help us in reaching our target of debt reduction and also help in fund working capital requirements of the company.”
