Patel Engineering soars on bagging Rihand micro irrigation project worth Rs 640 crore

Patel Engineering jumped 6.64% to Rs 15.41 after the company, along with its joint venture (JV) partners, bagged Rihand micro irrigation project worth Rs 640.06 crore.

On the BSE, over 11.32 lakh shares were traded in the counter so far as against an average trading volume of 5.22 lakh shares in the past two weeks.

In an exchange filing made during market hours today, the civil construction firm said that the company along with the JV Partners have received letter of award for Rihand Micro Irrigation Project from Department of Water Resources, Madhya Pradesh, which was declared as L-1 earlier.

The project involves construction of a pressure irrigation system to supply water through the rising/ gravity mains by pressurized pipeline system for micro irrigation under Rihand Micro Irrigation Project, State of Madhya Pradesh. The construction period is 36 months.

The value of the contract is Rs 640.06 crore. The company being 80% partner in the JV, our share in the project is Rs 512.05 crore.

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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