Shares Below Rs 50: This stock has declared above estimates results; do you own it?

The company announced its quarterly results and the Q1FY23 results have been better than the estimates.

The shares of Patel Engineering closed at Rs 24.70 per share, higher by more than 3 per cent on Monday trading session, on a closing basis.

The company announced its Quarterly Results and the Q1FY23 results have been better than the estimates.

Patel Engineering Consolidated Revenue from Operations for Q1 FY23 was declared at ₹ 973.91 Crore Up by 46.18% YoY while the Operating EBITDA for Q1 FY23 was at ₹ 149.83 Crore, registering 43.94% YoY growth.

The consolidated Net Profit increased by ₹ 29.51 crores YoY to ₹ 31.25 crores even as the total order book as on 30th June 2022 stood at ₹ 17,824 Crore. The company also declared that the new orders received in Q1 FY23 are to the tune of ~ ₹ 3,300 Crore.

Commenting on the performance, Mr. Rupen Patel, Chairman & Managing Director of Patel Engineering Limited said, “The performance of the Company for the quarter has surpassed estimates and has improved drastically as compared to the corresponding quarter in the previous year. The dedication of our employees with the support of all our clients and our stakeholders shall enable the company to perform even better in the coming quarters and to achieve great success. Our current order book is at an all-time high. We expect to continue getting fresh orders in the future and keep contributing to building the infrastructure of the nation.”

Commenting on the result, Ms. Kavita Shirvaikar, Director & CFO said, “Our commitment to achieving growth and success continues and the results in the first quarter have laid the foundation for the performance of the current year. We shall continue to bid selectively and take projects which are self-sustaining with reasonable margins and shall leave no stone unturned in our efforts to reduce debt by monetizing our non-core assets."

Patel Engineering Limited. (‘PEL’ or ‘Company’), is a 73-year company established in the year 1949 having a strong presence in tunnels and underground works for hydroelectric and dam projects. The Company has a consistent track record in the execution of projects in domestic and international arenas. The Company has completed over 85 dams, 40 hydroelectric projects, and more than 300 km of tunneling for clients which are mostly central PSUs or state government organizations.