Patel Engineering Ltd. announces Q2FY22 results

Mumbai (Maharashtra) [India], November 2 (ANI/PRNewswire): Patel Engineering Ltd., one of the major infrastructure and construction company today announces results for Q2FY22.

The company has witnessed a significant improvement in its overall performance due to a healthy order book position and opening up of economy post the Covid pandemic waves.

The company's standalone Revenue from Operations for the quarter grew by 64.4% to Rs.651.56 crore from Rs 396.30 crore marking a strong growth over corresponding quarter in the previous year. Operating EBITDA for Q2 FY22 increased by 169.2% to Rs 95.76 cr from Rs 35.57 cr in Q2 FY21. PAT increased by 111.9% to Rs. 6.11 cr in Q2FY22 as compared to a loss of Rs 51.20 cr in Q2 FY21.

The strong growth for the quarter reflects the thrust of the government for improving the infrastructure of the country especially hydro power projects, railway & road tunnels etc.

Commenting on the Q2FY22 result, Rupen Patel, Chairman & Managing Director, Patel Engineering Ltd. said, "There is no doubt that the pandemic has pushed every sector into uncharted territory, however the post-pandemic environment has introduced several new market dynamics, which present with them new prospects for the construction and infrastructure sector. As we complete Q2FY22 and usher into Q3FY22, with a slew of initiatives to further consolidate our position as the one of the leading players in the sector."

Commenting on the result, Kavita Shirvaikar, Director & CFO, Patel Engineering Ltd. said "We have focused towards sustainability and recovery in the last quarter, but now we aim towards growth with increase in order book that will help us build a healthy cash flow from margins generated. Also we shall continue to focus on monetization of non-core assets and reduce further debt.

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