Patel Engineering gains on bagging micro irrigation project worth Rs 551 cr

Patel Engineering rose 1.82% to Rs 15.13 after the company along with joint venture partner, bagged Tumkur Branch Canal (Package V) micro irrigation project worth Rs 551.11 crore.

The civil construction company along with JV partner received letter of acceptance (LoA) for Tumkur Branch Canal (Package V) micro irrigation project from Visvesvaraya Jala Nigama (VJNL), which was declared as L1 earlier.

The micro irrigation system project comprises survey, design, supply, installation, testing and commissioning comprising gravity bulk feeders, construction of a sump cum pump house, supply & installation of pumping machineries, terminal bay, electrical substation, electric power line, besides other appurtenant works such as construction of a pipe distribution network and drip irrigation system including Supervisory Control and Data Acquisition (SCADA) and Automation to cover an area of 15,090.21 Ha.

The value of the contract is 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. We are 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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