Rs 19,000 crore order book and FIIs increase stake: Vijay Kedia’s multibagger stock bags Rs 525.36 crore order; PAT jumps over 180 per cent!
Shares of the company gained more than 300 per cent in the last one year.
Patel Engineering Limited (PEL), in partnership with a joint venture company, has secured a contract worth Rs. 525.36 crore from the Irrigation & CAD Department of Telangana. This project involves constructing an 8.5 km long Reinforced Cement Concrete (RCC) protection wall on both sides of the Munneru River in Khammam city. Additionally, 2 km long embankments will be built on either side of the river near the Nagarjuna Sagar Left Bank Aqueduct. PEL's share of the contract is Rs. 267.93 crore.
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The company posted robust Quarterly Results. The revenue of the company for Q3FY24 stood at Rs 1061.00 crore which increased by 11.14 per cent YoY. The operating profit of the company stood at Rs 157.20 crore, while the PAT of the company stood at Rs 68.59 crore, from a profit of Rs 23.86 crore last year's same quarter, which is an increase of over 187 per cent. The stock has delivered multibagger returns of over 300 per cent return in the last one year. The company has an order book of Rs 19,000 crore (round off) and FIIs increased their stake in the company in December 2023.
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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. 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.
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.
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