Patel Engineering Ltd: 2nd Quarter 2023 Results

Net profit of Patel Engineering rose, a massive 282.31% to Rs.26.15 crore in the quarter ended September 2022 as against Rs.6.84 crore during the previous quarter ended September 2021. 

Sales rose 23.27% to Rs.893.05 crore in the quarter ended September 2022 as against Rs 724.45 crore during the previous quarter ended September 2021.

Patel Engineering, is a Premier Bombay based civil construction Company, specialising in the hydropower sector.

Key Financial Highlights:

💥Revenue: ₹9.23 billion (up 27% from Q2FY22).

💥Net income: ₹261.5 million (up 282% from Q2FY22).

💥Profit margin: 2.8% (up from 0.9% in Q2FY222). The increase in margin was driven by higher revenue.

💥EPS: ₹0.53 (up from ₹0.15 in 2FY22).

In September, 2022, there was an announcement that Patel Engineering Ltd (Rs.19.10) has allotted 1,25,52,800 equity shares at issue price of Rs.25.36 each for cash at par aggregating to Rs.31.83 Cr Afrin DIA - Category I registered FPI. 

This rate somewhat gives the benchmark price of the shares. Therefore buy the shares of Patel Engineering Ltd near the CMP of Rs.19.10, for targets of Rs.24/27/31. SL: Rs.17. Photo: Equity Bulls.