Vijay Kedia sold 10,00,000 shares or 0.13 per cent stake of this multibagger penny stock under Rs 60 with Rs 19,134.7 crore order book – do you own it?

The stock gave multibagger returns of 300 per cent in just 1 year whereas BSE Small-Cap Index is up by 61 per cent.

On Tuesday, shares of Patel Engineering Ltd gained 2.47 per cent to Rs 59.44 per share with an intraday high of Rs 73.43 per share from an intraday low of Rs 69.55 per share. The stock’s 52-week high is Rs 79 while its 52-week low of Rs 13.10. The stock gave multibagger returns of 300 per cent in just 1 year whereas BSE Small-Cap Index is up by 61 per cent.

As of March 2024, an ace investor, Vijay Kedia sold 10,00,000 shares or 0.13 per cent stake in the company and decreased its stake to 1.55 per cent compared to 1.68 per cent in December 2023.

Patel Engineering Ltd is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works in areas like hydro, irrigation & water supply, urban infrastructure and transport. The company has a market cap of over Rs 4,500 crore with a 3-year stock price CAGR of 79 per cent.

Results: According to nine-month results, the net sales increased by 19.17 per cent to Rs 3,200.93 crore, operating EBITDA increased by 15.31 per cent to Rs 452.72 crore and net profit skyrocketed by 99.79 per cent to Rs 140.73 crore in 9MFY24 over 9MFY23. In its nine-month results, the net sales increased by 11.14 per cent to Rs 1,061 crore, operating EBITDA increased by 1.39 per cent to Rs 142.08 crore and net profit skyrocketed by 260.55 per cent to Rs 70.24 crore in Q3FY24 over Q3FY23. In its annual results, the net sales increased by 24.31 per cent to Rs 4,201.97 crore and net profit increased by 160 per cent to Rs 178.80 crore in FY23 over FY22.

Order book: As of December 31, 2023, the company’s order book stands at Rs 19,135 crore (Including L1 Orders). Segment-wise order book includes hydroelectric (60.67 per cent), irrigation (21.05 per cent), tunnel (11.02 per cent, road (2.99 per cent) and other (27 per cent).  

Also Read: Artificial Intelligence (AI) revolutionizing healthcare: A look at the present and future!

Patel Engineering Ltd marks its 75th year with the inauguration of the Sela Tunnel Project in Arunachal Pradesh, graced by Prime Minister Shri Narendra Modi. Valued at Rs. 650 crores, this project signifies a significant stride in India's strategic infrastructure advancement, enhancing all-weather connectivity and troop mobility. Under Project VARTAK by the Border Roads Organizations (BRO), Patel Engineering showcased its engineering prowess by surmounting environmental and geographical challenges to construct tunnels and roads spanning over 8.7 kilometres.

With a team of over 50 engineers and 800 workers dedicated to the project's success, Patel Engineering's selection underscores its expertise in managing globally significant projects. Despite adverse weather, the team's dedication exemplified Patel's commitment to governmental objectives. The Sela Tunnel, the world's longest bi-lane road tunnel at an elevation exceeding 13,500 feet, facilitates troop deployment and border security and reconnects Arunachal Pradesh with the rest of India, aligning with the government's focus on security and economic development. This visionary infrastructure endeavour strengthens India's strategic and economic interests in the northeast, bolstering border infrastructure and uplifting remote areas for security and developmental purposes.

Do you own Patel Engineering Ltd.’s stock backed by ace investor Vijay Kedia, in your portfolio? Do let us know in the comment session below

Disclaimer: The article is for informational purposes only and not investment advice.