Patel Engg gains 12 per cent post positive Q1 result

The share price of Patel Engineering Company jumped about 12 per cent on Thursday after the company reported profit of Rs. 36.2 crore for the quarter ended June 2018.

The company had reported a loss of Rs 4.7 crore in the corresponding quarter last year. Its operating revenue in Q1FY19 fell 0.2 per cent to Rs. 555.5 crore as compared to Rs. 556.4 crore in same period last year. However, the finance cost for the company fell sharply to Rs. 77.39 crore from Rs. 156.31 crore in the first quarter of FY18.

Last week, the company bagged two hydro projects and a tunnel project aggregating to Rs. 2,400 crore.

On Thursday, Patel Engineering closed at Rs. 52.30 per share, up Rs 5.6 or 11.99 per cent on BSE. The stock opened at Rs. 50.50 from a previous close of Rs. 46.70 and touched an intraday high of Rs. 53.80 per share on BSE. The stock attracted a traded volume of 5,68,971 shares on BSE.