Patel Engineering said that it has incorporated wholly owned subsidiary (WOS), namely, Pel Nirmana (PNPL) in Nepal on 29 November 2024 to carry infrastructure projects.
The company has incorporated PNPL to operate construction business including infrastructure projects viz building, roads, bridges, hydropower, water supply etc.The company will subscribe to 2,00,000 (100%) equity shares of NPR Rs 100 each of PNPL.
Patel Engineering is a construction company specializing in the hydropower and irrigation segments. It is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures, and other kinds of heavy civil engineering works.
On a consolidated basis, the company's net profit surged 150.87% to Rs 80.77 crore on 14.98% increase in total revenue from operations to Rs 1174.32 crore in Q2 September 2024 over Q2 September 2023.
The counter shed 0.26% to settle at Rs 53.20 on Friday, 29 November 2024.
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