Tuesday, June 30, 2009

BWI: Patel Engineering FY09 Consolidated Revenues Up 32.28%, Net Profit Up 18.82% Board Recommends Final Dividend Rs 0.95 Per Share

Press release from Business Wire India
Source: Patel Engineering Limited
Tuesday, June 30, 2009 03:05 PM IST (09:35 AM GMT)
Editors: General: Consumer interest, Economy; Business: Banking & financial services, Construction, Financial Analyst, Stock exchanges; Technology
Patel Engineering FY09 Consolidated Revenues Up 32.28%, Net Profit Up 18.82% Board Recommends Final Dividend Rs 0.95 Per Share

Mumbai, Maharashtra, India, Tuesday, June 30, 2009 -- (Business Wire India) -- Civil-infrastructure construction company, Patel Engineering Ltd, today reported 32.28 per cent rise in consolidated net sales at Rs 2,459.84 crore for financial year ended March, 2009 as compared to Rs 1,859.64 crore in the last fiscal year. The EBDITA margin was at 15.84 per cent as against 14.74 per cent in the last fiscal year registering a growth of 110 basis points. Net profit rose by 18.82 per cent to Rs 180.48 crore, as against Rs 151.90 crore posted in the last fiscal year. The diluted Earnings per Share (EPS) for the year stood at Rs. 30.25 compared to Rs. 25.47 for the last fiscal year.

Q4FY09 Performance

Consolidated net sales for the quarter ended March 31, 2009 stood at Rs 964.99 crore as compared to Rs. 726.77 crore, registering a growth of 32.78%. Net Profit during the fourth quarter grew by 25.24 per cent to Rs. 63.22 crore as compared to Rs. 50.48 crore posted in the same period of last fiscal year. The diluted Earnings per share (EPS) stood at Rs. 10.60 as compared to Rs 8.47 in the corresponding period of last fiscal year.

Order Book Position

The company order backlog stood appx at Rs 7,200 crore as on March 31, 2009. During the year, the company bagged new orders amounting more than Rs 3,000 crore. The Company has been declared as the lowest bidder for projects worth more than Rs 2,500 crore.

Management Outlook

The buoyancy in the order book position to continue in the coming next two quarters and we expect our order book position to cross Rs 9,000 crore by mid-year," said Rupen Patel, Managing Director, Patel Engineering Ltd. He also added, "We expect government spending to increase in the area of hydropower, irrigation and urban infrastructure in the coming months.

About Patel Engineering Ltd (BSE:531120, NSE:PATELENG-EQ)

An ISO 9001-2000 certified company set up in 1949, Patel Engineering has blossomed into a front-runner civil engineering construction company in the country with many achievements to its credit. It has executed projects in the field of tunnelling, underground works for hydroelectric & irrigation projects, nuclear and thermal power projects, bridges and marine works and public health projects. Patel Engineering has till date completed in excess of 175 Km of tunnelling work, 78 Dams, and 40 hydroelectric projects in India and 33 micro tunnelling projects in North America. Patel engineering is one of the few Indian companies in this segment, which have presence in the US market. The company has two high technology companies namely, ASI RCC Inc and Westcon Microtunnelling Inc. for undertaking and executing complex projects in various parts of the world including India.

Shveta Singh, Sampark Public Relations, +91 (22) 40425550, shveta.singh@sampark.com
Naheed Contractor, Sampark Public Relations, +91 (22) 40425550, naheed.contractor@sampark.com


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