New Delhi: Patel Engineering Ltd., a civil-infrastructure construction company, has reported a 31.87% jump in consolidated net profit at Rs38.85 crore for the third quarter ended 31December, 2007 as compared to Rs29.46 crore in the corresponding quarter previous year.
Consolidated total income from operations for the quarter rose 33.34% at Rs378.85 crore as against Rs284.12 crore during the same period previous year. The earning per share (basic and diluted of face value of Re 1) for the quarter stood at Rs6.52 as on 31December, 2007 compared to Rs5.09 in the corresponding quarter last year.
Meanwhile, the company has reported a 35.14% jump in consolidated net profit at Rs101.42 crore for the nine months ended 31December, 2007 as compared to Rs75.05 crore in the corresponding quarter previous year. Total consolidated income from operations rose to 34.87% at Rs1132.87 crore as against Rs839.95 crore during the same period previous year.
The company order book position stood around Rs5,508 crore as on 31December, 2007. During the quarter the company bagged an order worth Rs118.85 crore for the civil works of Koyna Dam Foot Power House from the Government of Maharashtra, Water Resources Department.
They have entered into a JV with Sotravic Ltee, a local construction company in Mauritius, for additional new orders worth $16 million for construction of sewerage and water supply works in Mauritius. This project is slated to be completed in the next 24 months.
The company also entered into an MoU with the State Government of Arunachal Pradesh for setting up a 100-MW Gongri Hydro-Electric Power in West Kameng District of Arunachal Pradesh. The project shall be implemented on BOOT basis for a lease period of 40 years from the commercial operation date. The State Government shall be given free power at the rate of12 per cent and the expected revenue from the project is Rs 120 crore per annum.
As a part of its business strategy, they wil continue to focus on niche areas and high margin business. Meanwhile, the company has pre-qualified for new projects worth in excess of Rs6, 000 crore as on 31December, 2007.