Patel Engg gains as JV bags LoA for Rs 525-cr

Patel Engineering advanced 1.50% to Rs 69.10 after the company along with its joint venture partner has received a letter of award (LoA) from Irrigation & CAD Department of the Government of Telangana, worth Rs Rs 525.36 crore.

This contract entails the construction of a reinforced cement concrete (RCC) protection wall of 8.5 km each along both the right and left flanks of the Munneru River, stretching from Polepally to Prakashnagar in the city of Khammam, located in Khammam District.

Additionally, the contract includes construction of embankments of 2 kilometers each on side of the River Munneru near the Nagarjuna Sagar left bank aqueduct in Khammam city, further emphasizing the project's comprehensive approach to enhancing the area's irrigation infrastructure and water management systems.

The company being 51% partner in the JV, its share in the project is Rs 267.93 crore. The project is to be completed in 24 months.

Patel Engineering is a civil construction company that specializes in hydropower and irrigation projects.

The company reported consolidated net profit of Rs 68.83 crore in Q3 FY24 steeply higher than Rs 24.34 crore recorded in Q3 FY23. Net sales jumped by 11% year on year to Rs 1,061.01 crore in Q3 FY24 over Q3 FY23.

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