Patel Engineering rises after JV firm secures water lifting project in Maharashtra

Patel Engineering added 3.44% to Rs 55.35 after the company, along with its JV partner, bagged a work contract from the Government of Maharashtra worth Rs 317.60 crore.

The project involves constructing water lifting arrangements for the first stage of the Jigaon project, encompassing civil, mechanical, electrical, and ancillary works. It is scheduled for completion within 24 months.

The project is to be completed in a period of 24 months.

The said project is located in the State of Maharashtra and the project is to be executed in a joint venture (JV), of which PELs share is 35%.

Kavita Shirvaikar, acting managing director, Patel Engineering, said: We are thrilled to announce that the company has been awarded this significant irrigation project by the Office of the Executive Engineer, Government of Maharashtra.

We look forward to collaborating with the Government of Maharashtra and our partners to ensure the project's successful and timely completion, which will be instrumental in boosting agricultural productivity and enhancing water management in the region.

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

The company's consolidated net profit rose 53.05% to Rs 125.29 crore on a 11.46% increase in sales to Rs 1,343.18 crore in Q4 FY25 as compared with Q4 FY24.

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