Patel Engineering spurts on winning projects worth Rs 2,036 crore

Patel Engineering (PEL) jumped 3.49% to Rs 45.90 after the company said that it has declared the lowest bidder for two projects worth Rs 2036.89 crore.

The first order pertains to the construction of Kondhane Dam and its allied works, using Roller Compacted Concrete technology, from the City and Industrial Development Corporation of Maharashtra (CIDCO), worth Rs 1,318.89 crore.

This project is located in the Karjat Taluka of Maharashtra and will have to be completed in the next 42 months.

The scope of work for this order includes civil works for the dam construction, having a length of 1,209 meters and a height of 83 meters, along with its allied works.

The company has also been declared as the lowest bidder for a hydropower project worth Rs 718 crore from the North Eastern Electric Power Corporation (NEEPCO).

The contract is for a 240 MW hydroelectric project in Arunachal Pradesh. The project is expected to generate 1,000 million units of energy annually and will improve power supply in the state. This project is supposed to be completed in 44 months, it added.

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.

The companys consolidated net profit rose 14.49% to Rs 80.42 crore on a 13.61% increase in revenue from operations to Rs 1,205.5 crore in Q3 FY25 as compared with Q3 FY24.

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