Vijay Kedia’s penny stock under Rs 60 with Rs 1,79,019 million order book: Company reports net sales of Rs 1,101.7 crore and net profit of Rs 54.7 crore in Q1FY25
The stock gave multibagger returns of over 150 per cent in just 2 years whereas BSE Small-Cap Index is up by 86 per cent.
On Wednesday, shares of Patel Engineering Ltd plunged 3.49 per cent to Rs 51.13 per share with an intraday high of Rs 53.63 and an intraday low of Rs 50.91 from its previous closing of Rs 52.98. The stock’s 52-week high is Rs 79 while its 52-week low of Rs 41.99. The stock gave multibagger returns of over 150 per cent in just 2 years whereas BSE Small-Cap Index is up by 86 per cent.
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 4,300 crore with a 3-year stock price CAGR of 70 per cent.
According to Quarterly Results, the company reported net sales of Rs 1,101.7 crore in Q1FY25 compared to net sales of Rs 1,118.61 crore in Q1FY24. The net profit increased by 26.1 per cent to Rs 54.72 crore in Q1FY25 compared to a net profit of Rs 43.40 crore in Q1FY25. In its annual results, the net sales increased by 16.8 per cent to Rs 44,544.1 crore and net profit increased by 110 per cent to Rs 301.6 crore in FY24 over FY23.
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Earlier, Patel Engineering Limited, in a joint venture with a partner, secured a Rs 317.60 crore contract from the Maharashtra government to construct the first-stage water lifting arrangement for the Jigaon project. The project, located in Maharashtra, spans 24 months and involves civil, mechanical, and electrical components, including an approach channel, rising main, pumping machinery, and switchyard. Patel Engineering's share in the joint venture is 35 per cent, contributing Rs 111.16 crore to the overall project value.
Order book: As of June 30, 2024, the company’s order book stands at Rs 1,79,019 million (Including L1 Orders). Segment-wise order book includes hydroelectric (61.53 per cent), irrigation (21.99 per cent), tunnel (10.54 per cent, road (2.45 per cent) and other (3.49 per cent).
As of June 2024, an ace investor, Vijay Kedia sold a 0.13 per cent stake in the company and decreased its stake to 1.48 per cent compared to 1.55 per cent in March 2024. As of June 2024, 88.7 per cent of promoters’ stake is pledged.
Disclaimer: The article is for informational purposes only and not investment advice.
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