Q2FY24 Quarterly Result Announced for Patel Engineering Ltd.
Construction & Engineering company Patel Engineering announced Q2FY24 results: Revenue for Q2FY24 is Rs 10,213.13 million a growth of 23.0% YoY Operating EBITDA for Q2FY24 at Rs 1,400.67 million up by 18.08% as compared to Rs 1,186.16 million in Q2FY23 Net Profit for Q2FY24 at Rs 321.98 million up by 63.38% as against Rs 197.07 million in Q2FY23 Total order book as of September 30, 2023, stands at Rs 2,00,033 million (including L1) Rupen Patel, Chairman & Managing Director, Patel Engineering said, “With the substantial investment in infrastructure, the company has recorded impressive progress in the second quarter of FY24. With a surge in revenue and profitability, we've showcased our adaptability and resilience in the face of economic challenges. Our enthusiasm knows no bounds as we embark on India's largest-ever Hydropower Project, The Dibang Hydropower Project while fostering effective collaborations and cooperation. Achieving a turnover of Rs 10,213.13 million, representing an impressive 23.00 percent increase from the previous year, our commitment to sustainable infrastructure development remains unwavering. As we move forward, we remain focused on our vision for sustainable infrastructure development and are excited about the opportunities that lie ahead in terms of various projects and executions. We are confident that the forthcoming quarters and the ongoing financial year will sustain the company's upward trajectory.” Commenting on the result, Kavita Shirvaikar, Whole-Time Director & CFO said, “The company has achieved significant milestones, underscoring our commitment to financial discipline and strategic decision-making acumen. This quarter's performance is a testament to our effective cost management, optimized revenue generation, and robust profitability. Our current order book stands at 2,00,033 million, encompassing ongoing developments and projects. We extend gratitude to our shareholders and authorities for their continued trust in the company. We remain focused on sustaining this positive momentum, exploring new opportunities, and enhancing shareholder value through the reinforcement of fiscal strategies and the adoption of key growth drivers." Result PDF03-11-2023