Shares of Patel Engineering Ltd. extended gains on Thursday following a strong second-quarter earnings, with nearly two times surge in its bottom line. The construction engineering company posted a 97% rise in its net profit to Rs 73 crore, as compared to Rs 37 crore for the same period last year.
The company recorded a revenue of Rs 1,174 crore, indicating a 15% surge for the three months ended Sept. 30, 2024, as against Rs 1,021 crore for the same quarter of the previous financial year.
Its earnings before interest, tax, depreciation and amortisation was up 16% at Rs 161 crore for the July-September quarter, as compared to Rs 139 crore. Its margins expanded marginally to 13.7% from 13.6% in the year-ago period.
"Our performance in the second quarter highlights continued growth and operational efficiency, with revenue increasing by 14.98% and significant gains in profitability, despite it being a monsoon period," said Kavita Shirvaikar, managing director.
Patel Engineering Q2 FY25 Result Highlights (Consolidated, YoY)
Revenue up 15% at Rs 1,174 crore versus Rs 1,021 crore.
Ebitda up 16% at Rs 161 crore versus Rs 139 crore.
Margin at 13.7% versus 13.6%.
Net profit up 97% at Rs 73 crore versus Rs 37 crore.
Patel Engineering Share Price Today
Patel Engineering's share price rose as much as 5.18% before paring gains to trade 2.84% higher at Rs 51.4 apiece as of 9:55 a.m., compared to a 0.14% advance in the benchmark Nifty 50.
The scrip surged 6% after it reported its quarterly earnings on Wednesday. It has risen 9% during the last 12 months and has declined by 14% on a year-to-date basis. Total traded volume so far in the day stood at 3.4 times its 30-day average. The relative strength index was at 48.
The one analyst tracking the company has a 'buy' rating on the stock, according to Bloomberg data.
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