Patel Engineering And JV Partner Bag Rs 1,090-Crore Irrigation Project In Maharashtra
Patel Engineering Ltd. and its joint venture partner have bagged a Rs 1,090-crore irrigation project in Maharashtra.
The partners have been declared the lowest bidder for the works involving the construction of a pipeline distribution network for the Nira Deoghar Right Bank Main Canal, according to the company's exchange filing on Tuesday.
The project is to be completed in a period of 36 months, the disclosure said, adding that its share in the project is 20%, or worth Rs 218.09 crore.
The scope of work includes the construction of a pipe distribution network involving excavation and refilling for pipe trenches.
It also entails structures providing, supplying, jointing, lowering, laying of pipes, various types of valves, chambers and outlets, testing pipelines with all valves, outlets, etc.
The contract includes an operations, repairs, and maintenance period for five years after completion of works.
The Mumbai-based engineering, procurement, and construction firm has a strong presence in tunnels and underground works for hydroelectric and dam projects.
For the third quarter of the current fiscal, Patel Engineering's profit rose by 14.49% to Rs 80.24 crore. In comparison, the construction firm's net profit stood at Rs 70.24 crore in the same period last year.
Total income surged to Rs 1,265 crore for the October-December quarter from Rs 1,076 crore for the year-ago period.
Patel Engineering's expenses stood at Rs 1,125 crore for the quarter ended December, in contrast to Rs 1,030.94 crore for the same period in the corresponding fiscal 2024.
The company's order book was at Rs 16,396.4 crore as of December.
According to Managing Director Kavita Shirvaikar, "Looking ahead, we are enthusiastic about enhancing our operational capabilities, expanding our project portfolio, and driving innovation within our industry."
She added, "The robust foundation we have built over the years fills us with confidence and optimism as we embark on the next phase of growth, consistently delivering outstanding value to our stakeholders."
Shares of Patel Engineering Ltd. closed 3.62% lower at Rs 42.91 apiece on the BSE, compared to a 0.04% decline in the benchmark Sensex.
(With inputs from PTI.)
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