Patel Engineering Ltd., a civil-infrastructure construction company, has posted a 29.39 per cent jump in consolidated net profit at Rs 34.99 crore for the first quarter ended June 30, 2008 as compared to Rs 27.04 crore in the corresponding quarter previous year. Consolidated income from operations for the quarter rose 34.47 per cent at Rs 558.39 crore as against Rs 415.25 crore during the same period previous year. The earning per share (basic and diluted of face value of Re 1) for the quarter stood at Rs 5.87 as on June 30, 2008 compared to Rs 4.54 in the corresponding quarter last year.

Order Book Position
As on June 30, 2008, company’s order book position stood above Rs 6,000 crore. As a part of its business strategy, the company continued to focus on niche areas and high margin business. Meanwhile, the company has pre-qualified for new projects worth in excess of Rs 12,000 crores as on June 30, 2008.

Real Estate

The company’s real estate development wholly owned subsidiary, Patel Realty India Ltd (PRIL) currently owns development rights for more than 1000 acres of urban land bank in Bangalore, Chennai, Hyderabad, Mumbai and Panvel. The value of the raw land, on “as is where is” is valued at Rs 2100 crores (as valued by DTZ). The company plans to focus on residential and commercial development in these metros and is in the first phase of development.

Management Comments

Mr. Rupen Patel, Managing Director, Patel Engineering Ltd, said “With several big infrastructure project expected to take-off in the coming months, we continue to remain bullish on the business environment.”

He also added, “The government realises this significance of infrastructure development with an increase in public-private partnerships and greater scope for foreign investment in comprehensive projects.”

Tags: calls, daytrading, free calls, intraday, tips

Similar Posts:

• Parsvnath reports net profit at Rs 112.57cr,up by 109%
• Buy Patel Engg, target of Rs 550: Fairwealth Sec
• Omaxe records 88% increase in net profit at Rs 388.41cr
• Everest Kanto Q1FY09 Net Profit up 57% at Rs 22.25cr
• Bartronics net profit up by 393.50% to Rs 23.52cr