November 20, 2008

Patel Engineering net profit in Q1 up by 29% YoY

BL reported that civil infrastructure Construction Company, Patel Engineering has clocked up by 29.39% YoY in its consolidated net profit at INR 34.99 crore in Q1 FY 2009 as against INR 27.04 crore in the year ago period.

According to the report, consolidated incomes from operations for the reporting quarter rose 34.47% YoY at INR 558.39 crore as against INR 415.25 crore in the year ago period. Its order book position stood at over INR 6,000 crore as on June 30, it has pre qualified for new projects worth in excess of INR 12,000 crore as on June 30th.

Mr Rupan Patel MD of Patel Engineering said that “With several big infrastructure projects expected to take off in the coming months, we continue to remain bullish on the business environment.”

The company plans to focus on residential and commercial development in these metros and is in the first phase of development. The report further added that on Patel Realty, the company's wholly owned real estate development subsidiary, it currently owns development rights for more than 1,000 acres of urban land bank in Bangalore, Chennai, Hyderabad, Mumbai & Panvel.