Patel Engineering advanced 1.45% to Rs 14 after the company announced that it has been declared 'L1' for water tunnel project and micro irrigation project worth Rs 1,026 crore from CIDCO, Visvesvaraya Jala Nigam.
In an exchange filing made before market hours today, the company said that City and Industrial Development Corporation (CIDCO) and Visvesvaraya Jala Nigam (VJNL) have declared a Mumbai based infrastructure company, Patel Engineering (PEL) as 'L1' for works including design and construction of a long treated water tunnel from Sai Village to Vindhane Village in Raigad District and for survey, design, supply, install, test and commission a micro irrigation system under Tumkur Branch Canal in the state of Karnataka.
The micro irrigation project with a total value of Rs 470.67 crore is to be executed with a JV partner, of which PEL's share in the new order is worth Rs 240.04 crore while the Water Tunnel Project worth Rs 555.83 crore is going to executed without any joint venture partnership.
Majority of the Company's order book comprises of projects which are awarded by Central / State Governments or other Government undertakings/ public sector undertakings.
Rupen Patel, chairman and managing director, Patel Engineering , said, "With these orders we reach a total L1 of 1,802 crore. Recently we were also declared L1 for projects in MP and Maharashtra too to a tune of Rs 1,567 crore, our share being Rs 1,006 crore, which were also catering to Irrigation Systems.
We are thankful to the CIDCO and VJNL management to declare us L1 for their projects and will work towards delivering the projects in 60 and 24 months, as stipulated in the bid. This would take our share of order wins in this financial year to more than 5,400 crore.
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Our order book including all the L1 orders of Rs 1,802 crore would stand at approximately Rs 18,600 crore which gives us a good revenue visibility for the next 4-5 years.
Patel Engineering is a construction company specializing in the hydro power generation and irrigation segments. We are engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works and have executed a variety of infrastructure projects in the hydro power, irrigation and water supply, urban infrastructure and transportation segments primarily as civil contractors.
The company's consolidated net profit rose 13.5% to Rs 31.19 crore on 18.1% increase in net sales to Rs 1,036.98 crore in Q3 FY23 over Q3 FY22.
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