Multibagger penny stock under Rs 60: This small-cap civil construction bags new order worth 249.96 crore!

In Q1FY24, the company reported a 64 per cent increase in net profit YoY.

Shares of Patel Engineering Limited were locked in the upper circuit on Thursday, gaining 5.00 per cent. Today, the company informed in the exchange filing, that the company has bagged an order worth Rs 249.96 crore. The order is received from Maharashtra Krishna Valley Development Corporation, Pune for the work involving the construction of a pipeline distribution network for Nira Deoghar Right Bank. The order is won by Patel Engineering’s joint venture, with a share of 40 per cent.

Vijay Kedia, an Indian ace investor has increased his stake in the company from 1.29 per cent of the company to 1.68 per cent share of the company. In the recent quarter, the revenue of the company stood at Rs 1118.43 crore which grew by 24.14 per cent YoY. The operating profit of the company stood at Rs 188.39 crore, while the PAT of the company stood at Rs 54.00 crore, representing an impressive growth of 64.3 per cent YoY. The company has an order book of Rs 20,000 crore.

Also read, Exploring the world of growth investing? (Part-1)

Shares of Patel Engineering Limited have also delivered multibagger returns to its shareholders in just six months of about 260 per cent. While in the last one year the stock has gained more than about 130 per cent.

Patel Engineering Limited 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 stock has shown tremendous growth, and investors should keep a close eye on this stock.

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