PATEL ENGINEERING LTD-$
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BSE Code:
531120
NSE Code:
PATELENG
Business Profile
Business Profile
Patel Engineering (PATELEN), established in 1949, is engaged in providing the entire range of civil engineering services. Earlier known as Patel Engineering Company, it got its present name on Dec. 22, 1999.
The ISO 9002:2000 certified company is involved in the design and construction of power houses, hydroelectric projects, industrial complexes, commercial building, dams, tunnels, underground structures, steel and concrete structures, bridges, marine works, flyovers and national highways. Some of the projects undertaken include the Durgapur Steel Plant, the Barauni Oil Refinery, Yamuna Hydro Electric Project, Konkan Railway Tunnel and projects in countries like Sri Lanka, Qatar and Bhutan.
Over 350 projects comprising of 75 dams, 30 hydroelectric projects, 30 microtunneling projects and 130 kms of tunneling work have been completed. The company has acquired ASI RCC, Inc. and Westcon Microtunneling, Inc in USA giving it a technological edge over its competitors. Patel Engineering is the only Indian firm with roller compacted concrete (RCC) and micro-tunneling technology. In FY07, it incorporated 16 subsidiaries as special purpose vehicles to carry out build operate transfer (BOT) and real estate activities. Two overseas subsidiaries, namely, Patel Engineering and Waterfront Developers were incorporated in Mauritius.
During the year, the company acquired 51% stake in Michigan Engineers (Michigan), a Mumbai based urban Infrastructure company and 96% stake in Patel Energy, which entered into an MOU with Gujarat Power Corporation, Government of Gujarat for establishing a 1,200 MW imported coal-based power project at Ghogha, Bhavnagar. Late in December 2007, it bagged an order worth Rs 1,188.5 million for double lake tapping and other civil works of Koyna Dam Foot Power House for the Water Resources Department, Government of Maharashtra. It is looking to increase its presence abroad, especially in USA and Africa.
The registered office is located at Patel Estate Road, Jogeshwari (W), Swami Vivekanand Road, Mumbai-400102.
Financials
On a standalone basis, Patel Engineering registered a 20.11% growth in net profit to Rs 350.3 million for the quarter ended December 2007 from a profit of Rs 291.65 million for the quarter ended December 2006.
Net sales rose 20.06% to Rs 2,621.6 million for the quarter ended December 2007 from Rs 2,183.63 million for the quarter ended December 2006.
Total income rose 20.81% to Rs 2,651.1 million for the quarter ended December 2007 from Rs 2,194.38 million for the quarter ended December 2006.
The earnings per share (EPS) of the company stood at Rs 5.88 for the quarter ended December 2007.
On a consolidated basis, the company registered a profit of Rs 410.9 million for the year ended December 2007.
It recorded a net sales of Rs 3,788.5 million for the year.
Total income was Rs 3,819 million for the year ended December 2007.
The earnings per share of the company stood at Rs 6.52 for the year ended December 2007.
Recent Developments
10-MAR-08
Patel Engineering is planning to increase its presence in export markets especially in USA and Africa and has lined up Rs 4 billion for its expansion plan, which would be invested over the next two years into equipment and allied areas to strengthen its overseas operations. The company is already having a subsidiary, ASI Contractor Inc., in the US through which it implements projects in the region.