Patel Engineering secures contract worth Rs 419 crore from MCGM

Patel Engineering said that it has bagged a contract worth Rs 419.70 crore from the Municipal Corporation of Greater Mumbai (MCGM).

The scope of the contract involves 'the construction of a tunnel from Powai to Ghatkopar high-level reservoir and further up to Ghatkopar low-level reservoir'.

The letter of acceptance (LoA) for the contract is issued by MCGM and the works are scheduled to be completed in a period of 51 months as per the contract terms.

Patel Engineering is one of the leading construction companies in India with an established track record in both, domestic and international markets. Over the years, it has executed various types of road and highway construction projects along with civil works like dams, tunnels, irrigation projects, refineries, hydroelectric projects, water treatment projects, etc.

The company reported a consolidated net profit of Rs 27.48 crore in the quarter ended December 2021 as against a net loss of Rs 36.45 crore during the previous quarter ended December 2020. Sales rose 61.37% YoY to Rs 877.93 crore in Q3 FY22.

The scrip advanced 0.18% to currently trade at Rs 27.10 on the BSE.

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