Patel Engineering H1 FY23 Net Profit up by 1152.33 per cent

Mumbai (Maharashtra) [India], November 14 (ANI/PNN): Patel Engineering Limited (NSE - PATELENG & BSE - 531120) One of the most integrated infrastructure and construction services conglomerates in India has announced its limited reviewed Financial Results for Q2 & H1 FY23.
Key Financials at a Glance:
Q2 FY23
Total Income for Q2 FY23 at Rs 893.05 Crore against Rs 724.45 Crore in Q2 FY22, 23.27 per cent YoY growth
EBITDA for Q2 FY23 at Rs 130.73 Crore against Rs 122.45 Crore in Q2 FY22, 6.76 per cent YoY growth
Net Profit for Q2 FY23 at Rs 19.72 Crore against Rs 2.33 Crore in Q2 FY22, 746.35 per cent YoY growth
Net Profit Margin for Q2 FY23 at 2.21 per cent against 0.32 per cent in Q2 FY22, 189 bps YoY growth
H1 FY23
Total Income for H1 FY23 at Rs 1866.96 Crore against Rs 1390.70 Crore in H1 FY22, 34.25 per cent YoY growth
EBITDA for H1 FY23 at Rs 280.56 Crore against Rs 226.54 Crore in H1 FY22, 23.85 per cent YoY growth
Net Profit for H1 FY23 at Rs 50.97 Crore against Rs 4.07 Crore in H1 FY22, 1152.33 per cent YoY growth
Net Profit Margin for H1 FY23 at 2.73 per cent against 0.29 per cent in H1 FY22, 244 bps YoY growth
Key Financial Highlights:
For Q2 FY23 Debt Equity Ratio stood at 0.79.
Sector-wise Revenue contribution for Q2 FY23 stood at Hydro 52 per cent, Tunnel 22 per cent, Irrigation 17 per cent, Road 7 per cent, and Real Estate & Others 2 per cent.
Commenting on the performance, Rupen Patel, Chairman and Managing Director of Patel Engineering Limited said, "The performance of the Company for the quarter has been ecstatic although most of the projects under execution were impacted due to elongated monsoon period in the current year and the company has despite all odds been able to give a much better performance as compared to the corresponding quarter in the previous year. Timely actions and readiness to increase the execution post-monsoon at all fronts shall enable the company to perform even better in the coming quarters and achieve higher growth. We shall continue to target projects selectively which shall enable us to get good and reasonable margins in the future and in the process we would continue to contribute towards the development of the infrastructure of our Country."
Commenting on the result, Kavita Shirvaikar, Director and CFO said, "We continue to focus on reduction of debt and have repaid all debt instalments for the quarter and we will take all necessary steps in future to monetize our non-core assets and generate adequate cash flow for the Company to enable growth and keep reducing debt going forward."
Patel Engineering Limited. ('PEL' or 'Company'), is a 73-year company established in the year 1949 having a strong presence in tunnels and underground works for hydroelectric and dam projects. The Company has a consistent track record in the execution of projects in the domestic and international arena. The Company has completed over 85 dams, 40 hydroelectric projects and more than 300 km of tunnelling for clients which are mostly central PSUs or state government organizations.
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