Patel Engineering Ltd, a construction company specialising in hydro-power generation and irrigation segment, today announced a 28.91 per cent rise in consolidated net profit at Rs 121.38 crore in the nine-months ended December 31, 2009 compared to Rs 94.16 crore in the corresponding period last year. Meanwhile, consolidated revenues grew by 26.03 per cent to Rs 1,883.99 crore as compared to Rs 1,494.85 crore in the corresponding period ended December 31, 2008.
For the nine months ended December 31, 2009, the EBIDTA margins stood at 17.96 per cent compared to 16.15 per cent in the corresponding period last year. Higher share of hydropower projects with better control on construction cost helped the company to improve the margins. The earning per shares stood at Rs 19.54 for the nine months ended December 31, 2009, based on the weighted average shares after the QIP and ESOP issue in the current quarter.
Q3FY10 Performance
Consolidated revenue grew 27.97 per cent to Rs 633.01 crore for the third quarter ended December 31, 2009 (Q3FY10) compared to Rs 494.65 crore in the corresponding quarter last year. During the quarter, consolidated net profit grew by 34.66 per cent to Rs 44.35 crore compared to Rs 32.94 crore in the corresponding quarter last year.
QIP Issue
Patel Engineering had issued 7,218,061 fully paid up equity shares of Re. 1 each on October 26, 2009 by way of Qualified Institutional Placement (QIP) at a price of Rs. 477.03 per equity share (including a premium of Rs. 476.03). The Company had also issued 29,50,000 fully paid up equity shares of Re 1 each on October 29,2009 to Patel Engineering Employee Welfare Trust (ESOP Trust) at Re 1 per equity share. The share capital of the Company now stands increased to 69,827,151 shares of Re 1 each.
Order Book Position
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As on December 31, 2009, company’s order book position stood at Rs 9,300 crore, including L1 position of around Rs 3,000 crore. Orders from hydropower sector constitute around 47 per cent of the total order book position and 45 per cent from the irrigation segment.
Real Estate
During the quarter, the Company has launched its first phase (out of the total of 120 acres ) of residential development at Bangalore in the name of "Smondoville", through its wholly owned subsidiary Patel Realty India Ltd. As on date, the company had received bookings for more than 800 apartments out of the total of 1123 apartments.
The company has also launched a residential project at Noida, through its subsidiary Pan Realtors Pvt. Ltd. Out of its first phase of the development of 1,600 units, the company has, as on date, already received bookings for more than 1,200 apartments out of the total of 1600 apartments.
About Patel Engineering Ltd.
(BSE: 531120, NSE: PATELENG, Bloomberg: PEC IN, Reuters: PENG.BO)
An ISO 9001-2000 certified company set up in 1949, Patel Engineering is a construction company specialising in hydro-power generation and irrigation segment. It has executed projects in the field of tunnelling, underground works for hydroelectric & irrigation projects, nuclear and thermal power projects, bridges and marine works and public health projects. Patel Engineering has till date completed over 175 km of tunnelling work, 78 Dams, and 40 hydroelectric projects in India and over 30 micro tunnelling projects in India and US. Patel Engineering is one of the few Indian companies in this segment, which have presence in the US market. The company has subsidiaries in USA for undertaking and executing complex projects in various parts of the world.