Hot Pursuit     04-May-23
Patel Engg spurts after JV bags 2 projects
Patel Engineering surged 11.87% to Rs 23.75 after the company and its joint venture partner have bagged Tumkur Branch Canal (Package III) Micro Irrigation Project and Sher Micro Irrigation Project.

Patel Engineering is a 51% partner in the Tumkur Branch Canal project, with a share of Rs 158.68 crore, and a 35% share in the Sher Micro Irrigation Project, with a share of Rs 349.56 crore. Both projects were previously declared as L1.

Karnataka-based Tumkur Branch Canal (Package-III) Micro Irrigation Project involves various tasks such as survey, design, supply, installation, testing and commissioning of a gravity bulk feeder, construction of a sump cum pump house, pumping machineries, terminal bay, electrical substation, electric power line, and other relevant works. The project also includes the construction of a pipe distribution network and drip irrigation system with SCADA and automation over an area of 8,150.44 hectares.

Madhya Pradesh-based Sher Micro Irrigation Project will include the survey, investigation, designing, and construction of four dams with all ancillary works, including rising/gravity main and pipe distribution network works.

The total value of both contracts is Rs 1,309.88 crore. The Tumkur Branch Canal (Package-III) project is expected to be completed within 24 months, while the Sher Micro Irrigation Project is set to be completed within 60 months. The contracts are on an EPC turnkey basis.

Patel Engineering is a civil construction company that specializes in hydropower and irrigation projects.

The company's consolidated net profit rose 13.5% to Rs 31.19 crore on 18.1% increase in net sales to Rs 1,036.98 crore in Q3 FY23 over Q3 FY22.

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