Patel Engineering Declares FY24 Financial Results, Total Revenue Higher By 16.78% YoY
Revenue rises to Rs 4,544.11 Crore, PAT Increases 70.60 per cent to Rs 264.10 Crore
Patel Engineering, a pioneer in integrated infrastructure and construction services in India, has announced its financial results for the last quarter of FY24.
Patel Engineering's financial results for FY24 demonstrate substantial growth across key metrics. Revenue from operations for Q4 FY24 increased by 11.46 per cent to Rs 1,343.18 crore compared to Rs 1,205.06 crore in Q4 FY23, contributing to an overall FY24 revenue of Rs 4,544.11 crore, up 16.78 per cent from Rs 3,891.15 crore in FY23. Operating EBITDA for Q4 FY24 saw a significant rise of 40.62 per cent to Rs 237.58 crore from Rs 168.95 crore in Q4 FY23, with the annual figure reaching Rs 690.29 crore, marking a 22.92 per cent increase from Rs 561.56 crore in FY23.
Profit after tax from continuing operations in Q4 FY24 surged by 78.04 per cent to Rs 140.35 crore from Rs 78.83 crore in Q4 FY23, culminating in an annual profit of Rs 302.21 crore, a remarkable 103.67 per cent increase from Rs 148.38 crore in FY23. Net profit for owners of the parent company also saw a notable rise of 46.23 per cent to Rs 123.37 crore in Q4 FY24 from Rs 84.37 crore in Q4 FY23, resulting in a total net profit of Rs 264.10 crore for FY24, up 70.60 per cent from Rs 154.81 crore in FY23.
Additionally, the basic EPS from continuing operations increased by 12 basis points to Rs 1.62 in Q4 FY24 and rose by 79 basis points to Rs 3.64 for the full year, compared to Rs 1.50 and Rs 2.85, respectively, in the previous fiscal year.
Rupen Patel, Chairman & Managing Director of Patel Engineering Limited, stated, “Celebrating a triumphant quarter, the company has outperformed expectations with a stellar display of excellence compared to its prior performance. Witnessing substantial revenue growth across all business segments, our recent projects are poised to catalyse a positive shift in our financial landscape.
Looking ahead, we are optimistic about sustaining this upward trajectory in the quarters to come within this fiscal year. With a steadfast commitment to nurturing growth in our core EPC operations and seizing opportunities in India's infrastructure development, we aim to enhance stakeholder value over the long term while maximising output efficiency.”
Commenting on the results, Kavita Shirvaikar, Whole Time Director & CFO, said, “Marking the dawn of FY24, the company has notched impressive milestones in the last quarter. Bolstered by notable profit gains, we remain resolute in ensuring sustained productivity levels in the times ahead. Our robust financial strides underscore our disciplined cost management ethos and adeptness in capitalising on emergent prospects. Looking forward, our vision remains bright, fueled by a buoyant outlook on our company's potential, all while intensifying our fiscal strategies for greater resilience in the market.”
Patel Engineering (PEL), established in 1949, has evolved as a construction company specialising in the hydropower and irrigation segments. Engaged in constructing dams, bridges, tunnels, roads, piling works, and industrial structures, PEL has executed various infrastructure projects in technology-intensive areas like hydropower, irrigation, water supply, urban infrastructure, and transportation. Known for their expertise in tunnels and underground works for hydroelectric and transportation projects, they operate primarily as civil contractors.
