Patel Engg gains on bagging order

Patel Engineering 2.93% to Rs 15.45 after the company's joint venture emerged as the lowest (L1) bidder for Dibang multipurpose project worth Rs 3,637.12 crore located in Arunachal Pradesh from NHPC.

Patel Engineering's share in this order is 50%, or Rs 1,818.56 crore. The company's current market capitalisation on the BSE stands at Rs 1,195.24 crore.

The order is for "Construction of Civil Works for LOT‐4: Comprising Head Race Tunnels including Intake, Pressure Shafts, Penstocks, Power House & Transformer Cavern, Tail Race Tunnels, Pothead Yard, Adits etc. for Dibang Multipurpose Project 2880 MW (12 X 240 MW), located in Arunachal Pradesh, India."

Rupen Patel, chairman and managing director, Patel Engineering said, "The Dibang Hydropower Project is India's largest‐ever Hydropower Project which will not only help generate 2,880‐megawatt of hydropower once completed but also help with flood control and water storage. We are extremely happy and thrilled to be a part of this mega project which will help shape India's infrastructure as well as contribute to the local surroundings, the people there and the state of Arunachal Pradesh. The Company is currently executing other projects as well in the same state and our experience will help give us an advantage executing this project."

On Wednesday, Patel Engineering announced that its joint venture bagged Tumkur Branch Canal (Package V) micro irrigation project worth Rs 551.11 crore. The company being 51% partner in the JV, its share in the project is Rs 281.07 crore. The construction period for the micro irrigation project is 24 months.

Patel Engineering is a construction company specializing in the hydro power generation and irrigation segments. It is 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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