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The net profit of the company skyrocketed 297.94 per cent from corresponding quarter last year

On Tuesday, shares of Patel Engineering saw its shares surge by 5 per cent reaching an intraday high of Rs 26.40 apiece on BSE. The surge was accompanied by a significant increase in trading volume.

In Q4FY23, the company’s net sales surged by 16.77 per cent from last year’s same quarter to Rs 1,298.03 crore. The net profit of the company skyrocketed 297.94 per cent from corresponding quarter last year to Rs 84.36 crore.

Talking about the results, Rupen Patel, Chairman & Managing Director, Patel Engineering Limited said, “This year has been exciting with new projects coming onboard and taking our order book to an all-time high beyond Rs 20,000 crore. We have achieved improved revenue and profit figures showcasing the strength and resilience of our business in a competitive environment. I would also like to thank all stakeholders for their trust in us on our recent successful Rights Issue. Moving forward we remain committed to achieving exponential developments in the infrastructure segment of the country contributing to the overall economic development.”  

Patel Engineering, a 73-year-old construction company established in 1949, has grown to become a specialist in the hydro power generation and irrigation sectors. They have worked on various infrastructure projects, including dams, bridges, tunnels, roads, and industrial structures, as well as heavy civil engineering works, primarily as civil contractors, in the hydro power, irrigation and water supply, urban infrastructure, and transportation segments.

The stock has witnessed heavy buying as it has zoomed more than 40 per cent in just 1 month. Keep a close eye on this trending stock.