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Patel Engineering Shares Soar 10% on Securing Rs 640 Crore Irrigation Order

Picture Source: Internet

Shares of Patel Engineering surged 10% on March 3 after the company secured irrigation orders worth Rs 640.06 crore.

The stock was up 8.4% at Rs 15.66 on the BSE at 2:46 pm. The stock has gained 16% in the past week but is down 18% year-to-date.

The company and its joint venture partners have received the letter of award for the Rihand micro-irrigation project from the Madhya Pradesh Department of Water Resources, the company said in an exchange document.

“The company is an 80% partner in the joint venture, and our share in the project is Rs 512.04 crore,” the company added.

The company’s total order book as of end-December 2022 stands at Rs 16,809.4 crore, of which nine irrigation orders are worth Rs 2,372.5 crore.

Of the total standalone revenue in Q3FY23, 19% came from the irrigation segment. In the December quarter, the company reported a 20% rise in its standalone revenue to Rs 929.39 crore.

Meanwhile, most orders come from the central government, public utilities and state government departments.

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