Patel Engineering Ltd. has witnessed a significant improvement in its overall performance due to a healthy order book position and opening up of the economy post-Covid.
The company’s standalone Revenue from Operations for the quarter grew by 64.4% to ₹651.56 crore from ₹396.30 crore marking a strong growth over the corresponding quarter in the previous year. Operating EBITDA for Q2 FY22 increased by 169.2% to ₹95.76 cr from ₹35.57 cr in Q2 FY21. PAT increased by 111.9% to ₹6.11 cr in Q2FY22 as compared to a loss of ₹51.20 cr in Q2 FY21.
The strong growth for the quarter reflects the thrust of the government for improving the infrastructure of the country especially hydropower projects, railway & road tunnels, etc.
Rupen Patel, Chairman & MD, Patel Engineering Ltd. said, “There is no doubt that the pandemic has pushed every sector into uncharted territory, however, the post-pandemic environment has introduced several new market dynamics, which present with the new prospects for the construction and infrastructure sector. As we complete Q2FY22 and usher into Q3FY22, with a slew of initiatives to further consolidate our position as one of the leading players in the sector”.
Kavita Shirvaikar, Director & CFO, Patel Engineering Ltd. said, “We have focused towards sustainability and recovery in the last quarter, but now we aim towards growth with an increase in order book that will help us build a healthy cash flow from margins generated. Also, we shall continue to focus on monetization of non-core assets and reduce further debt.