Patel Engineering Announces Q4 FY23 and FY23 Results

Patel Engineering Announces

New Delhi, 16th, May 2023:Patel Engineering Limited (NSE – PATELENG & BSE – 531120), one of the pioneers in integrated infrastructure and construction services in Indiahas announced its financial results for the quarter and year ended March 31, 2023.
Key Financials at a Glance:

                                                                                   Rs. In million

Particulars

(Rs Mn)

Consolidated Standalone
FY23 FY22 YoY Changes FY23 FY22 YoY Changes
Revenue from Operations 42,019.71 33,803.05 24.31% 38,171.26 30,298.46 25.98%
Operating EBITDA 6,248.76 5,277.32 18.41% 5,404.78 4,575.35 18.13%
Net Profit 1,548.06 550.06 181.43% 1,558.53 563.91 176.38%
Net Profit % 3.68% 1.63%   4.08% 1.86%  
Basic EPS (Rs) 3.19 1.51 168 bps 2.97 1.17 180 bps
Diluted EPS (Rs) 2.23 1.49 74 bps 2.10 1.17 93 bps

Particulars

(Rs Mn)

Consolidated Standalone
Q4 FY23 Q4 FY22 YoY Changes Q4 FY23 Q4 FY22 YoY Changes
Revenue from Operations 12,980.34 11,116.60 16.77% 11,921.83 10,428.40 14.32%
Operating EBITDA 1,805.65 1,548.10 16.64% 1,760.03 1,551.80 13.42%
Net Profit 843.64 212.00 297.94% 840.83 368.64 128.09%
Net Profit % 6.50% 1.91%   7.05% 3.53%  
Basic EPS* (Rs) 1.56 0.80 94 bps 1.59 0.78 81 bps
Diluted EPS* (Rs) 1.02 0.80 22 bps 1.04 0.78 26 bps

*not annualized

Rupen Patel, Chairman & Managing Director, Patel Engineering Limited said,“This year has been exciting with new projects coming onboard and taking our orderbook to an all-time high beyond Rs. 2,00,000 Mn. We have achieved improved revenue and profit figures showcasing the strength and resilience of our business in a competitive environment. I also like to thank all stakeholders for their trust in us on our recent successful Rights Issue. Moving forward we remain committed to achieving exponential developments in the infrastructure segment of the country contributing to the overall economic development.”

Commenting on the result, Ms. Kavita Shirvaikar, Director & CFO said, “I am extremely pleased to share the outstanding Q4 & FY 23 results we have achieved. The quarter has been incredible with the winning of water tunnel and irrigation projects in Maharashtra, Karnataka, and Madhya Pradesh. With such a steady stream of orders, we believe our revenue will increase significantly. Also,we continue with our efforts to monetize non-core assets and have reduced debt by more than Rs. 5,000 million in FY23 and we expect to continue further reduction in overall debt going forward.”

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