The civil construction company along with its joint venture (JV) partner has been declared as L-1 bidder by Irrigation & CAD department, Government of Telangana for construction contract worth Rs 525.36 crore.
The scope of work involves construction of RCC protection wall of 8.5 km each on right side and left side of flanks along river Munneru between Polepally to Prakashnagar in Khammam City and embankment of 2 km each on either side of river Munneru near Nagarjuna sagar left bank aqueduct in Khammam city.The said project is located in the state of Telangana and the project is to be executed in a JV, of which PELs share is 51% (Rs 267.93 crore).
The project is to be completed in a period of 24 months.
Patel Engineering is a civil construction company that specializes in hydropower and irrigation projects.
The company's consolidated net profit stood at Rs 68.83 crore during the quarter, steeply higher than Rs 24.34 crore posted in Q3 FY23. Revenue from operations rose 11.14% to Rs 1,061.01 crore YoY in Q3 FY24.
The scrip declined 1.40% to currently trade at Rs 70.55 on the BSE.
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