Hot Pursuit     22-Aug-23
Patel Engg jumps on emerging as L-1 bidder for Rs 1,275 cr project in MP
Patel Engineering rallied 3.80% to Rs 58.24 after the company along with its joint venture partner has been declared as lowest bidder (L1) for urban infrastructure development project of Rs 1,275.30 crore from Madhya Pradesh Jal Nigam.
The contract includes engineering, procurement, construction, testing, commissioning, trial run and operation & maintenance for 10 years of Narmada-Gambhir, District Ujjain & Indore multi-village drinking water supply scheme in a single package on ‘Turn-key Job Basis'.

The said project is located in Ujjain and Indore, Madhya Pradesh (MP) and the project is to be executed in a Joint Venture.

The project is to be completed in a period of 24 months and further operations and maintenance for the whole scheme to be carried out for a period of 10 years and Patel Engineering's share in this order is 35% or Rs 446.36 crore.

Rupen Patel, chairman and managing director, Patel Engineering, said, “The Narmada-Gambhir Drinking water supply project would help in solving the shortage of water supply in various villages in the districts of Ujjain and Indore. The project comprises of various activities including construction of intake well cum pump house, construction of RCC approach bridge, laying of water pipelines, construction of water treatment plant, construction of RCC overhead service reservoirs at different villages, more than 50,000 house service connections as well as design, supply, delivery, erection, testing, & commissioning of automation components for monitoring & maintenance with GPRS communication with all necessary accessories (SCADA) etc. We are thrilled to be part of this project in providing water supply to several households in the state of Madhya Pradesh.”

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

The consolidated net profit jumped 17.8% to Rs 43.40 crore in Q1 FY24 as compared with Rs 36.83 crore in Q1 FY23. Net sales increased by 24.1% year on year to Rs 1,118.61 crore in Q1 FY24 over Q1 FY23.

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