Patel Engineering soars on Rs 976-cr order win

Patel Engineering jumped 7.33% to Rs 16.10 after the company bagged the Luhri Hydro Electric Project worth Rs 976.50 crore.

On the BSE, over 28.39 lakh shares of the company were traded in the counter so far as against an average trading volume of 3.09 lakh shares in the past two weeks.

In an exchange filing made during market hours today, the company said that it has bagged a Rs 976.50 crore, Luhri Hydro Electric Project Stage I (210 MW) (Luhri Project) from Sutlej Jal Vidyut Nigam, a joint venture between the Government of India and Himachal Pradesh State Government.

Luhri Project is an EPC Contract package covering design engineering services, civil and hydro-mechanical works of Luhri Hydroelectric Project Stage I (210 MW).

The order has been bagged by Luhri Hydro Power Consortium (LHPC), a consortium of Patel Engineering and HES Infra (HES). The project is located at Shimla and Kullu District in Himachal Pradesh, India.

The consortium has been able to get this project during COVID-19 Pandemic. The company is the lead member of the LHPC having 60% shares and the remaining 40% is held by HES.

Patel Engineering Company specialises in tunneling, underground works for hydropower generation, irrigation and urban infrastructure projects. It is the only Indian Company with experience in RCC, micro Tunneling and double take tap work. It has established a significant international presence and has executed projects across Arabian Gulf, Sri Lanka, Nepal, Bhutan, etc.

On a consolidated basis, the company reported a net loss of Rs 140.86 crore in Q4 FY21 as against a net loss of Rs 79.80 crore in Q4 FY20. Net sales during the quarter rose by 33.5% YoY to Rs 733.58 crore during the quarter.

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