Patel Engineering H1 FY23 Net Profit up by 1152.33 %

Mumbai (Maharashtra) [India], November 15: Patel Engineering Limited (NSE – PATELENG & BSE – 531120) One of the most integrated infrastructure and construction services conglomerates in India has announced its limited reviewed Financial Results for Q2 & H1 FY23. 

Key Financials at a Glance:

Q2 FY23

Total Income for Q2 FY23 at ₹ 893.05 Crore against ₹ 724.45 Crore in Q2 FY22, 23.27% YoY growth

EBITDA for Q2 FY23 at ₹ 130.73 Crore against ₹ 122.45 Crore in Q2 FY22, 6.76 % YoY growth

Net Profit for Q2 FY23 at ₹ 19.72 Crore against ₹ 2.33 Crore in Q2 FY22, 746.35 % YoY growth

Net Profit Margin for Q2 FY23 at 2.21 % against 0.32 % in Q2 FY22, 189 bps YoY growth

H1 FY23

Total Income for H1 FY23 at ₹ 1866.96 Crore against ₹ 1390.70 Crore in H1 FY22, 34.25 % YoY growth

EBITDA for H1 FY23 at ₹ 280.56 Crore against ₹ 226.54 Crore in H1 FY22, 23.85 % YoY growth

Net Profit for H1 FY23 at ₹ 50.97 Crore against ₹ 4.07 Crore in H1 FY22, 1152.33 % YoY growth

Net Profit Margin for H1 FY23 at 2.73 % against 0.29 % in H1 FY22, 244 bps YoY growth

Key Financial Highlights: 

For Q2 FY23 Debt Equity Ratio stood at 0.79. 

Sector wise Revenue contribution for Q2 FY23 stood at Hydro 52%, Tunnel 22%, Irrigation 17%, Road 7%, and Real Estate & Others 2%. 

Commenting on the performance, Mr. Rupen Patel, Chairman & Managing Director of Patel Engineering Limited said, “The performance of the Company for the quarter has been ecstatic although most of the projects under execution were impacted due to elongated monsoon period in the current year and the company has despite all odds been able to give a much better performance as compared to corresponding quarter in previous year. Timely actions and readiness to increase the execution post monsoon at all fronts shall enable the company to perform even better in the coming quarters and achieve higher growth. We shall continue to target projects selectively which shall enable us to get good and reasonable margins in the future and in process we would continue to contribute towards development of the infrastructure of our Country.”

Commenting on the result, Ms. Kavita Shirvaikar, Director & CFO said, “We continue to focus on reduction of debt and have repaid all debt instalments for the quarter and we will take all necessary steps in future to monetize our non-core assets and generate adequate cashflow for the Company to enable growth and keep reducing debt going forward.” 

Patel Engineering Limited. (‘PEL’ or ‘Company’), is a 73-year company established in the year 1949 having a strong presence in tunnels and underground works for hydroelectric and dam projects. The Company has a consistent track record in execution of projects in domestic and international arena. The Company has completed over 85 dams, 40 hydroelectric projects and more than 300 km of tunneling for clients which are mostly central PSUs or state government organizations.

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